Luxury homes on the Portland Westside have done incredibly well over the last 12 months with record highs for July and August in Portland. The real growth in this market has been western NW Washington Co, Hillsboro and SE of Hillsboro into wine country. This push into more rural areas to find luxury homes has not let up and looks to continue into the future. Sellers should have professional pricing analysis done as pricing can be tricky with current trends (many times to their benefit) and should also have a regional and national marketing plan when selling as a strong portion of out of state purchases in the $1M+ range occur on the Portland Westside. Buyers have the luxury of urban, suburban and rural in this price point with a lot of choices. Careful consideration for needs, budget and style can find some amazing options.
Inner NE and SE continue to thrive in this price point with professional remodelers and home owners alike not afraid to turn older large homes into show pieces. A record 95 homes were sold in the last 12 months while getting an impressive 96.5% of list price at closing. Sellers who aggressively prepare their homes in this segment are handsomely rewarded. Buyers will find SE slightly less competitive than NE, but both areas continue to be seller's markets and speed to the offer is key.
The luxury market in the Portland South areas continue to consistently grow year over year. With many owners finding now the time to sell and move up to the next price point, activity is brisk and new and remodeled homes in the segment are moving quickly as seen by the drastic reduction in days on market. Still a sellers market, but certainly a great time to buy if you're looking.
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