PORTLAND, Ore. (PORTLAND TRIBUNE) — If you want to buy a home in the Portland metro region, be prepared to pay more and move faster than ever before.
The residential real estate market favored sellers even more than buyers in April. A shortage of homes for sale continued to drive up prices and reduce the total market time by the end of the month.
According to the latest report by the Regional Multiple Listing Service, 13,059 homes were listed for sale in the Portland metro region through the end of April 2016 — 286 fewer that the same period last year.
Because of the shortage, the median sales price increased 16.2 percent to $350,000 since March. And the time it would take to sell all homes on the market decreased 29.6 percent to just 43 days.
The number of new listings increased in April over March and last April, however. It rose to 4,082 from 3,409 in March, and from 3,949 in March 2015.
Although home prices are continuing to increase, they still vary within the region. According to the RMLS report, the highest median prices are $559,100 in the Lake Oswego/West Linn area, followed by $479,900 in West Portland and $471,000 in the North Washington County/Sauvie Island area.
The lowest median prices are $216,000 in the areas toward Mt. Hood, followed by $224,000 in Central Vancouver and $239,000 in the 5 Corners/Orchards area of Clark County.
The Portland Tribune is a KOIN media partner.