Market vibes | February

What’s Happening in the Market Right Now

The year is off to an interesting start in the Portland real estate market, with prices rising, more homes coming on the market, and buyers making moves. Whether you are thinking about buying, selling, or just keeping an eye on the market, here is what you need to know.

Home Prices Are on the Rise

Home values are climbing. The average sale price is now $600,300, up 6.3 percent from this time last year. The median price has also increased to $537,000.

For sellers, home values are appreciating, and multiple offers are becoming more common.
For buyers, prices are likely to keep rising, so making a move sooner rather than later could save money.

More Homes Are Available but They Are Taking Longer to Sell

There are more homes on the market than last year, with inventory at 3.7 months. However, they are taking longer to sell, with an average market time of 88 days.

For sellers, pricing and presentation matter more than ever. A well-priced, well-marketed home will still attract buyers.
For buyers, the increase in inventory means more choices and in some cases, more room for negotiation.

Sales Activity Is Picking Up

More sellers are listing their homes. New listings are up 13.6 percent from January and 106.5 percent from December. Buyers are responding, with pending sales up 15.2 percent from last year and 29.6 percent from last month.

Closed sales are down 20.9 percent from December, which suggests some buyers are still taking their time before making a final decision.

What This Means for You

Sellers should know that homes are selling, but buyers have more choices. Pricing correctly is key.

Buyers will see more inventory and better options, but waiting could mean paying more as prices continue to rise.
Investors can take advantage of rising home values, making long-term holds a promising strategy.