By Living Room Realty, November 11, 2019
We are heading into the holidays with a hot autumn market! Inventory is down from where it was last year at this time with the same number of sales. More importantly, here is how this translates to the real world. My team and I have experienced the following in the last few weeks:
1. 15 offers for a seller on a home listed around $400k in the Richmond neighborhood. I must say none of us expected this many, not even the other agents sending offers.
2. Buyer competing for a home with 2 other offers. Our buyer didn’t get the home (one of these offers went much higher). That’s ok, it just means there is a BETTER one out there for our buyer!
3. Buyer for our listing backed out of a sale in the low $8’s only to circle back a week later and get it in contract again.
4. Buyers attempted to purchase a magnificent, historic home in NW four times with no luck only to finally get the house of their dreams on the 5th attempt! This one feels amazing and I can’t wait to post the blog with photos. Perseverance wins in real estate!
Where is the market headed in the new year? With the election upcoming and general market volatility, you would need a crystal ball to truly say. What I can tell you currently is that the Portland Metro Area continues to be a seller’s market but still balanced enough for buyers to get the home they want as long as they have a solid team of strategists along for the ride and don’t give up no matter what comes their way.
October 2019 is a Seller’s market*
Home For Sale in October 2019: 2560 units.
| • | Down 10.7% compared to last month |
| • | Down 12.4% compared to last year |
Home Closed in October 2019: 1005 units.
| • | Up 6.8% compared to last month |
| • | Up 1.5% compared to last year |
Home Placed under Contract in October 2019: 1023 units.
| • | Down 4% compared to last month |
| • | Up 1.8% 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 sales
TO SEE THE FULL REPORT, CLICK HERE!
