Fresh figures were just released on Oregon’s real estate market by the Regional Multiple Listing Service, or RMLS. To put the results in a nautical vernacular, we remain ‘steady as she goes.’
Here’s a summary of our regional markets, including Portland, Salem and Woodburn.
Portland Metro
Let’s begin with greater Portland, where our backlog of home supply is unchanged at 1.8 months.
This means our housing supply remains well below the oft-suggested ‘normal’ range of 3 to 6 months, especially when compared to years past. When the pipeline of homes is this low, it suggests we remain squarely in a ‘seller’s market.’
Along with housing inventory, home prices are another helpful indicator of market direction. The above chart is evidence of greater Portland’s sustained price growth, providing more confirmation of a ‘seller’s market.’
Salem Metro
Greater Salem is also experiencing stable growth, as evidenced by little change in a relatively modest housing supply of 3.9 months as seen above, matched with an overall trend of increased home prices, seen below.
Click here for the free latest complete Salem area real estate report, which includes Woodburn, or on the Market Action image below.
Woodburn
Given our location between Salem and Portland, Woodburn experiences a mix of both markets. The bottom line is that Woodburn home values have risen 13.2% over the past year. As a result, it’s safe to say that for now at least, we appear to remain on an upward trend. Click here and view page two for specifics about the latest Woodburn housing figures.
Time to Sell?
Thinking about selling your Woodburn property in this hot seller’s market? Whether you live in Woodburn or somewhere else, our WoodburnHomes.com sponsor, Certified Realty can help with a free consultation, provide information on your Oregon property’s value, or simply answer questions about steps in the home selling process.
Contact Certified Realty using the convenient form below, or call (503) 682-1083 today for smooth sailing ahead!
