Portland’s average house price up 10% from last year

Most houses spent only about 38 days on the market

Portland is one of the hottest real estate markets in the nation. (Pamplin Media Group file photo)

PORTLAND, Ore. (PORTLAND TRIBUNE) — It’s hot outside and in the Portland-area housing market. According to two reports released Friday, the Rose City’s average sales prices jumping nearly 10 percent from a year ago and a slight increase in houses on the market.

The Regional Multiple Listing Service reported July 14 that in June new Portland-area listings went up about 5.3 percent to 4,739. It was the strongest June for new listings since 2008, when 5,213 were offered, according to the report.

The inventory of houses for sale crept up to 1.6 months in June. Most houses spent only about 38 days on the market.

RMLS’ Portland area market includes Clackamas, Multnomah, Washington, Columbia, Yamhill and Clark counties. The highest median sales prices were in Lake Oswego and West Linn ($581,300) and the lowest was in Columbia County ($292,000). Northeast Portland saw median sales prices at about $415,500. West Portland had sales prices of about $485,000.

Prices continued to rise in June, RMLS reported, with a 9.8 percent jump in the average sale price, from $388,800 to $427,000. During the same time, the median sale price rose 10.3 percent from $339,900 to $375,000.

But wait, that’s not all. Redfin, the Seattle online real estate broker, reported that Portland was still one of the hottest markets in the nation. Denver, Portland and Seattle were the fastest-moving markets, the company reported, with the typical home in each market finding a buyer in just seven days. More than a quarter (26.6 percent) of homes sold above their list price, the highest percentage Redfin has recorded.

“This market is unlike any we’ve ever seen before,” said Redfin Chief Economist Nela Richardson. “Month after month, new records are set for the pace at which homes are going under contract. Demand continues to swell while supply troughs. For buyers competing in this market, it’s survival of the fittest. The strongest offers that are most likely to close quickly and smoothly rise to the top of the pile.”

Redfin reported that the most competitive market in June was San Jose, where 73.7 percent of homes sold above list price, followed by 70.6 percent in San Francisco, 69.8 percent in Oakland, 62.3 percent in Seattle and 52.6 percent in Tacoma.

The Portland Tribune is a KOIN media partner.