About this time last year the market in Portland changed. Inventory dropped and prices started going up. All of a sudden there were multiple offers on almost every house in the close-in neighborhoods of Portland. A year after the recovery began prices are up dramatically.
Here’s a look at close-in SE Portland [zip codes 97214 and 97202] in March and April 2012 vs. 2013:
2012:
Closed sales: 86
Average price per square foot: $153
Median Days on Market: 14
Sales Price to List Price Ratio: 98.7%
2013:
Closed sales: 119 Up 38%
Average price per square foot: $181 Up 18%
Median Days on Market: 8 43% Faster
Sales Price to List Price Ratio: 99.9% Essentially full price
What makes things really interesting is that the average asking price is $199 per square foot: Up 30%
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