The real estate market has been on the upswing this year. Here to talk with us about the new low in inventory and a new high in monthly sales is our real estate expert Nick Krautter from Keller Williams Realty and Sellpdx.com
Q. We’ve talked before about how things are getting better in the real estate market. What are the highlights of the recovery so far?
A. We finally broke over 800 sales in May for homes in Portland, it’s been over a year since that many homes were sold. Inventory in the entire market is just above 4 months which makes it a sellers market.
Q. I’m sure people are happy to hear the good news but are prices going back up or still falling?
A. I analyzed the 97214 zipcode and the median sales price to list price ratio last month was 107%. That means that over half the homes sold last month sold for 7% OVER asking price or better. That trend looks to be continuing and that is driving prices back up.
Q. That’s great news for the close in market but what about the suburbs?
A. Last month the inventory in Beaverton went below 4 months. That’s a great sign that the recovery is spreading across the city.