Last month, we observed a noticeable uptick in homeowners eager to sell, amidst a backdrop of cooling buyer interest largely attributed to stubborn interest rates hovering around 7%. This shift has resulted in properties lingering on the market for extended periods, with many undergoing price adjustments. Currently, the average listing in the Portland metro area spends 21 more days on the market than in the previous month. However, highly desirable homes, or “cream puffs” as we call them in the industry, that are move-in ready and meet a wide range of buyer needs, are still flying off the market in just a weekend.
As of now, there are 3,650 homes listed for sale across the Portland metro area. Despite homes taking longer to sell, we’ve actually seen a slight decrease in housing supply by 0.4 months since January. This indicates that buyers, while more selective, are still actively searching for the right home. With more options available, buyers can afford to be discerning, taking their time to make decisions, and negotiating terms more confidently.
In a positive turn, despite the slowdown in the pace from listing to pending status, the average sale price has risen by 1.4% year-over-year and by 2.2% from last month. This points to a resilient Portland real estate market, characterized by the dynamic interplay of supply, demand, and external factors. Understanding these fluctuations is crucial for navigating the current market landscape, full of both opportunities and challenges.
If you’re thinking about changing things up and moving, chat with a local pro (that’s us!). We’ve got the inside scoop and can guide you through the whole buying or selling journey.
Pro Tip: This data is representative of the Metro area as RMLS interprets it which spans from Mt. Hood to Yamhill County, Columbia County to SW Washington. If you want to see the numbers for your hyper-local area, reach out anytime!
HERE is a link to the full market report provided by RMLS
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