What did that home sell for?!?
How Multiple Offers Raise Prices Up in Portland
If you’ve been looking for a home in Portland Oregon lately you know it’s not easy being a buyer. The inventory is so low that most good homes in close-in areas are getting multiple offers.
When more than one offer is written on a property you know the price is going up, but how much more, over the list price, are homes really selling for?
I took a look at one month of sales in Portland for homes with RMLS remarks that said there were multiple offers or that the seller was reviewing offers a couple days after listing the house. Here’s what I found:
For homes sold in Portland with multiple offers in Winter/Spring 2015
North Portland: 104% of asking price
North East Portland: 106.5% of asking price
South East Portland: 107% of asking price
Now take the average list price and see how much that pushes prices in dollars:
North Portland: $282,000 average list price = $11,300 over list
North East Portland: $371,000 average list price = $24,100 over list
South East Portland: $383,000 average list price = $26,800 over list
You can see the detailed reports here: