The booming real estate market that Portland witnessed last year has lost a little momentum. But prices continue to rise.
When comparing last spring’s market to this year’s there are some gains, but they’re slim.
Sales increased 1.4 percent. And new listings increased just about one percent.
Nick Krautter of Keller Williams Realty says inventory is low and potential buyers don’t see homes they want. There’s also a bit of a hangover from last year, “When we hit the bottom of the market, there was a lot of people waiting on the sidelines because they didn’t want to buy in a declining market and there was a big rush into the market,” said Krautter.
“And that was very sudden and very significant. And while we’re not maybe going 100 mph, we’re certainly going at 60 or 70 mph.”
Meanwhile, the limited number of homes for sale continues to push prices up.
The average cost of a Portland house is $325,000 - that’s up 10.7 percent over the last year.