Portland Real Estate Market

Talk about crazy! The Portland real estate market has entered a new phase. Homes, townhouses, and in some cases, even condos, are flying off the market. People are grabbing homes, almost any homes regardless of price.

I was tracking this townhome area in Beaverton (just bordering Hillsboro) developed by a reputable building company. For exactly the same home, there was a 15% difference in asking price. And you know what? People pay for it in full price anyway. Another example: my clients and I were considering this single family home asking $237,000. In my mind, I thought it was a little over-priced considering that the house across the road just sold for $224,000 and it was in better shape both inside and outside than the one we were considering. Well, 2 days later, that house was sold for $251,000.

Consider the Portland market is moving at a rate of about 10% annual appreciation, we're likely to see it hit another 4% to 5% point by the end of the year if this buying craze continues.

Our analysis is this: as long as interest rates remain reasonable and that the tech industry continues to thrive, the housing market in Portland will do well...very well.