By Kyle Gordon, September 19, 2024
Find out what’s happening in the Portland real estate market for Mid-September 2024.
Hi, I’m Kyle Gordon, professional Broker and amateur drummer with Living Room Realty here to tell you what you need to know about the market for mid September 2024.
Inventory & Stats
In the Portland-metro market, we currently have 3 Months Supply of Inventory, meaning that based on the current rate of sales, it would take 3 months to sell all the homes on the market.
This is an increase from July’s 2.8 months of supply. Historically, it’s normal to see an increase in this metric as we exit summer and enter fall, but it’s noteworthy that we have seen an increase in supply when compared to this time last year.
Digging into this further, new listings have decreased 8.1% compared to last month, and decreased 8.7% compared to August of last year. This downward trend also continues when looking at closed sales numbers – currently down 5.7% from last month and 9.2% from last year.
However, it’s not all doom and gloom for sellers – both average and median home sale values are up compared to August of last year – 2.1 and 3.5% respectively.
So What Does This Mean?
The number of homes hitting the market in August were down year-over-year, the number of homes sold were also down, and existing homes on the market are sticking around a little longer.
However, when we compare the first eight months of 2024 to the same period in 2023, new listings have actually increased 1.4%, while both pending and closed sales decreased slightly.
So for buyers, this means you likely have more choices. Both in homes to consider and in how you choose to structure your offers.
For sellers, this means you’ll want to consider taking extra steps to prepare your home ahead of listing so that it stands out to home shoppers in this slightly more balanced market.
Looking Ahead
Adding to this, many signs are pointing to a mortgage rate decrease in the months ahead, so it’ll be interesting to see if we have a typical, slightly sleepy fall, or if we see a rush of buyers entering the market due to the increased affordability of loans.
My prediction is that we’ll see more buyers enter the market, but not a noticeable change in listing inventory, resulting in more competition amongst buyers.
So if you’re on the fence on whether you should jump into the home-buying pool now or later, it may benefit you to go ahead and start taking steps now, as it will take some time to get your ducks in a row.
For all you potential sellers out there, similarly keep in mind that preparing your home to list takes time – sometimes as much as a few months depending on your to-do list. Start a conversation with a trusted broker early in your process and get expert advice on where your time and money will be best spent.
Make A Move
If you’re ready to make a move, call us today, we would love to help you find your next Living Room.
Kyle Gordon
Broker | OR
He/Him
Hey I'm Kyle - I'm here to help you negotiate good deals for yourself in real estate - whatever that may look like for you.
Focused on building partnerships on the basis of trust, open communication and mutual respect, and I cannot wait to partner with you on your next real estate move when the time comes.
A little about me:
I moved to Portland OR in 2015 after graduating from the University of Central Florida with a Bachelor's degree in Business Administration & Marketing to embark on a career in technical sales. This sharpened my negotiation expertise that I get to share with my clients today.
Fast forward to 2020, I joined a national real estate brokerage team where I participated in over 50 listings in my first year. I was then promoted to team management, where I had the honor of leading seasoned real estate brokers in 5 major markets across the pacific northwest/west coast. This gave me the chance to learn from hundreds of transactions in a relatively short amount of time, and I leverage those learnings to help guide my clients here at Living Room Realty.
When not helping clients with their real estate needs, you can catch me attending and playing drums at local music shows (check out How Strange it is, Smiling Strange, and Elm - yes I'm in two bands that have the word strange in their name, no it was not intentional, yes it is weird and I like it that way), enjoying a meal with my wife at an amazing restaurant in our city, and walking our dog around the Piedmont and Woodlawn neighborhoods.
Enough about me though - let’s talk about you!
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