Entry Level Deals Up By More Than A Third
In the wake of First-Time Homebuyer Tax Credits and other housing stimuli, the number of transactions in Portland’s entry-level segment increased by roughly a third when compared to the same period last year. Of the roughly 7,000 homes that sold in seven Portland sub-markets over the past six months, roughly 5,000 sold for 350k or less. That’s up from less than 3,500 homes a year ago. The effect has been the same across all submarkets as the chart below shows.
# of Transactions Below 350k (Past 6 Months)
Buy a 350k home in a +500k neighborhood and you’ve created a formidable hedge against value erosion. As price points continue to drop, these kinds of moves have become increasingly possible in neighborhoods such as Irvington, Alameda, West Hills etc. Here’s an overview of the median sales price for several of Portland’s most desirable neighborhoods (with entry-level inventory):
Median Sale Price (Past 6 Months)
To find out what kinds of opportunities exist in these markets, drop me a note!
