‘Tis the season for slower moving listings and fewer buyers, but despite this housing supply remained the same at 2.9% from last month indicating a stasis absorption rate. Ask any Realtor in town and they will tell you that there are fewer opportunities to help buyers and sellers, and the data doesn’t lie. Since the beginning of the year, new listings experienced a substantial 19.9% decrease. Similarly, pending sales took a dip of 22.5%. Closed sales followed suit, witnessing a significant 26.8% decline, totaling 18,150 so far this year. This paints a picture of a market continuing to undergo adjustments.
The average sale price in the Portland metro area stands at $599,100, marking a 0.1% increase compared to this time last year, though down slightly from last month. In short, prices are holding steady in the Portland Metro area and suburbs, and buyers who are in search of a home have a better chance at securing it in this moment on their terms than years past.
There are currently 4,848 homes available for purchase, and with interest rates on the downward trend these past few weeks we expect those to be gobbled up at a higher rate than previous months.
The average home takes 45 days to find a buyer, an increase of four days from the previous month which was up 4 days from the month prior.
The real estate game is always changing, and what you see on paper might not match the real deal. 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: Buyers, being financially prepared and ready to act promptly can make a significant difference in securing the home you desire with minimal hurdles! Make sure you are getting fully pre-approved for a mortgage before house hunting to make sure you know your numbers for monthly and down payment as well as strengthen your negotiating position. In the current market, where demand often outpaces supply, it’s crucial to be swift and decisive. Once you find a property that aligns with your criteria and budget, have your agent get the scoop on what the seller is after to craft a competitive yet reasonable offer.
HERE is a link to the full market report provided by RMLS
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