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Two local real estate professionals this week released their reports on the state of the commercial and residential markets in 2014 and made some predictions for 2015.

鈥�2014 was the second year of recovery hitting full stride,鈥� according to Nick Krautter, a principal broker with Keller Williams Realty. He analyzed data compiled by Regional Multiple Listing Service on single-family home transactions.

Krautter determined that 2014 saw a 5 percent increase in the number of new home listings, a 3.6 percent increase in the number of closed sales, a 7.2 percent average price increase and an 11 percent inventory decrease.

鈥淭he Portland-metro area home prices are up 9.5 percent year over year,鈥� he said. 鈥淥regon also took the number one spot for in-migration, which is part of what is keeping home inventory at a very low three months, on average.鈥�

In-migration is also keeping apartment vacancy low (around 3 percent), Krautter said. This sentiment was echoed by Portland-area appraiser Mark Barry, owner of Mark Barry & Associates, at a Wednesday forecast luncheon hosted by CCIM.

鈥淗omeownership rates in 2013 were at 65 percent, and in 2014 that rate dropped to 64 percent,鈥� Barry said. 鈥淪o if you’re an apartment (building) owner, that number is going in the right direction.鈥�

Barry said he’s often asked where the next up-and-coming neighborhood in Portland will be.

鈥淭here’s a lot going in the Mount Tabor, Powellhurst and Lents areas,鈥� he said. 鈥淚t’s also just a hop, skip and jump to Milwaukie and I think we’ll see some movement down there as the area gets more synergy.鈥�