2015 was a stellar year for the Portland Metro market. Home sales were up, prices improved, inventory was low, and the market was healthy….but what happened in 2016?
Virtually a 300+ increase of home sold in 2016 vs 2015.
11,827 multnomah county homes sold in 2016 vs while 11,516 multnomah county home sold in 2015. The market is up ever so slightly.
The selling cycle decrease in 2016 vs 2015!
Average Days On Market (DOM): Homes averaged 29 days on market in 2016 prior to selling, while homes averaged 36 days on market in 2015 prior to selling.
The Average Price Point was up in 2016.
In 2016, the Average Sales Price was $413,446 which was up from $370,142 in 2015.
$5.222 Billion dollars of property was sold in Multnomah County in 2016.
The Portland market total property sales was $265MM+ more than 2015! While the average price of Portland homes was slightly higher, the total volume of property sold was higher as well. Many neighborhoods saw double digit valuation growth. Your home equity may be up significantly.
The Not So Good News:
it would appear that several home owners and Realtors listed homes above market values and 3098 property listings expired in the Portland metro area. Why?
There are a number of reasons and we do a deeper dive on the “why” in our video. With 96+% of Buyers beginning their home search online, there is nothing more important than working with professionals who are committed to the “3 P’s” and a strategic online campaign to get your home sold.
What was the most expensive home sold in Portland Oregon in 2016?
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See more at: http://www.urbanerealtygroup.com/portland-metro-real-estate-market-update-2016-year-review/