By Living Room Realty, November 14, 2018
Make Hay While the Sun Shines.
You can all thank my midwestern agricultural roots for this gem of a title. But all cliche’s aside – the October Market Activity Report brings us a balanced market (inventory of 3.2 months) and a great time to buy and sell homes in Portland:
The number of homes on the market is higher than it has been in ages while interest rates are still relatively low (but are anticipated to steadily march upward over the next year). This is great news for buyers.
As a seller, the market has shifted into a balanced one here in PDX. After years of a crazy seller’s market where sellers had all the power, any balancing feels uncomfortable to those thinking of listing. However, these changes bring sustainability to our real estate economy and overall housing affordability.
While the average sold price remained neutral for the month, the average days on Market did rose by 11.1%. Sellers are being pushed to list sooner than they had planned. This means they are not waiting until the traditional spring months to list.
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If all of this gives you glazed eyes, don’t let it – call or message me for a customized conversation about your situation. I love talking about this stuff and empowering my community with knowledge.
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If you want more, here are the numbers:
October 2018 is a Neutral market*
Home For Sale in October 2018: 2625 units.
• Down 6.9% compared to last month
• Up 31.6% compared to last year
Home Closed in October 2018: 826 units.
• Up 7.8% compared to last month
• Down 10.5% compared to last year
Home Placed under Contract in October 2018: 959 units.
• Up 19.1% compared to last month
• Up 8.4% compared to last year
*Buyer’s market: more than 6 months of inventory based on closed sales
Seller’s market: less than 3 months of inventory based on closed sales
Neutral market: 3 – 6 months of inventory based on closed sale
