Real estate market reports from February reflect the the effects of snowpocalypse with a 19% increase in accepted offers since January. New listings in February were also up 14% since January. Inventory is up just slightly at 1.9 months (6 months is a balanced market). The average market price in Portland is now over $400,000 at $400,800, a 12.1% increase from January of 2016. As interest rates are creeping up and appreciation continues to increase the market in Portland is getting tighter. The increase in interest rates has the potential to be offset by credit expansion for buyers in the market.
This report shows stats for the entire Portland metro area. If you would like stats specific to your neighborhood please contact me.