Portland's real estate market is showing signs of stabilization. The average time a home was up for sale has dropped -- from 160 days to 136 days.
Home prices may have bottomed out. The average sales price of a home in January was about $249,000. Give or take a hundred dollars, that's about the same as it was last January.
While no change might not seem like positive economic news, it is when you consider the slide that home prices have seen over the last few years.
Nick Krautter of Keller Williams Real Estate says in some close-in Portland neighborhoods, he's seeing new listings attracting multiple offers.
"Right now what I'm seeing on the market in Portland is a lot few homes on the market to choose from. And that low inventory is being compounded by the fact that we have a pretty steady demand from buyers."
Foreclosures also continue to decline.
Oregon ranked 20th in the nation for foreclosure activity in January, according to the real estate tracking firm, RealtyTrac.
About one in every 1,000 homes is now affected by foreclosure.
Source: http://news.opb.org/article/real-estate-market-shows-positive-signs/
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