2013 was a year of significant improvements for the Portland real estate market. The number of distressed sales, otherwise known as bank owned or short sales, has significantly dropped over the past year, resulting in fewer “underwater” homes being placed on the market. RMLS reported this month that distressed sales dropped from 28.6% to 15.1%.
Prices in 2013 were also significantly improved in the Portland Metro. RMLS reported a 12.8% increase in the median home price last year for the Portland area. Typically, as the market goes up, the number of distressed homes for sale goes down. This is good news for both sellers and buyers.
We at JMA are thrilled that the market is getting so much healthier. This improvement allows for buyer to search for their dream home without being worried about getting stuck in a never ending short sale (some negotiations have lasted for years) or unresponsive banks. Sellers can now feel more confident that their home will get fair consideration because buyers are less afraid of the current market conditions.
Overall, we are seeing that the Portland Real Estate market is recovering nicely from the recent economic downturn. For the latest information on home values and market conditions, contact the JMA team today!