Business | Oregon | Economy | Rural Economy Project

Signs Of Life In Oregon's Lethargic Real Estate Markets

OPB | April 29, 2012 6:46 a.m. | Updated: Jan. 14, 2013 10:44 a.m. | Portland, OR

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Signs of life are sparking through Oregon’s lethargic real estate markets. One indication? Open houses were busy this weekend.

The Oregon Association of Realtors was encouraging agents to hold open houses this weekend, in conjunction with a nationwide marketing push. But business may be picking up on its own.

Several Portland-area realtors contacted by OPB reported they’d planned to hold an open house, but had to switch gears when they realized they already had multiple offers on their targeted property.

Bend realtor Dee Dee Garnett says even markets in Central Oregon, which ground to a standstill during the recession, are perking up. 

Garnett said, “Pretty much anything that’s $200,000 and under is gone, like, immediately. It’s going up to $300,000 now. Lots of short sales.”

Garnett says the activity appears to have encouraged some sellers to list properties they’d been holding for a while. It remains to be seen if more listings, or an influx of foreclosed properties might put a drag on prices. 

The big picture, as viewed through the Case-Shiller price index shows Portland home prices dropped slightly in January and February from last year.

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