Market Conditions Ending July 31, 2013
The Portland, Oregon Real Estate Market returned double digit appreciation for its homeowners. With the total marketing time dropping 37 full days from July 2012, closed sales increasing by 40% compared to July 2012, average equity increasing of $39,500, average sales price percent change increasing by 12.1% and the amount of available inventory dropping to 2.8 months (staying under 3 for the third straight month) the Portland real estate market is on fire. Sellers are absolutely loving it!
Here are some notable statistics for July 2013 when comparing it to last July:
Total marketing time for a home sale dropped in every area of the Portland Metropolitan area. The leaders are Hillsboro/Forest Grove at -69 days, West Portland at -50 days and Northeast Portland at -51 days.
The total inventory for each area of Portland also dropped by an average of 38%. The areas that lead for the month are NW Washington County at -48% drop in inventory, Lake Oswego and Oregon City at -44% and West Portland at -43%.
The most surprising statistic is that if you live in Lake Oswego or West Linn and you own a home, then on average you gained $100,300 of equity! Some other big equity growers are Northeast Portland at $69,700, Southeast Portland at $42,800 and Gresham/Troutdale at $41,200.