"Portland’s recovery since the Great Recession is undeniable. With more foot traffic and development in downtown than we’ve seen in years past, it’s clear our efforts are paying off. " - Jim Mark
The National Association of Realtors reported the median price of an existing home is $252,800, a 5.8 percent increase from the price reported in May 2016. The key here is that the calculation is done using a median figure. That means half the homes sold in May were priced higher, and half were priced lower. Other measures of home prices use so-called repeat sales figures, meaning they are looking at the year-to-year gains that the same or similar houses would see.
Of course most folks already know that Portland’s sizzling hot seller’s market continues unabated. I spoke with a colleague recently who said they received 30 offers on their listing. Half of our clients are buyers and it’s not usual to compete against at least four or five other offers. So much for the stats. Now what should savvy sellers and buyers do in this crazy market?