Market Status: It’s Complicated

The real estate market has picked a direction. And that direction is… sideways.  like the rain today.

And despite everything happening in the broader economy: higher rates, inflation fatigue, general existential dread… people are still moving, buying and selling.

Why? Because housing isn’t optional.  Life keeps happening whether mortgage rates are on board with our retirement goals or not.

People are clearly out here real-estating again across both Portland Metro & SW Washington

Activity is up.  Listings are up.  Sales are up.  That’s the good news!  But prices?  They’ve cooled off, like that 2nd cup of coffee I just had to have.

For my buyers out there:

You have something rare; leverage without chaos.

• You can negotiate again
• You can ask for repairs without it being treated as a deeply offensive suggestion
• You might even get a second showing or some time to sleep on it (but like, short sleep)

So don’t get too comfortable. Inventory is still tight enough that good homes move fast.

For my sellers in the house:

The market is still on your side… just not blindly.

• Pricing correctly matters more than ever
• Condition matters more than ever
• Marketing actually matters again (more than ever)

You’re not competing with no one anymore. You’re competing with the house down the street that actually prepped for market.

Listen, we’re not booming and we’re not crashing.
We’re “re-calibrating”

The market has shifted from irrational urgency to cautious participation.  Honestly, it’s healthier, even if it is less fun.  And basically, the “perfect” moment doesn’t exist, but if you’re looking for a strategic moment, this might quietly be one of the better windows we’ve had in years.

Here are the market highlights:

• Portland Metro prices are down slightly year-over-year
• SW Washington prices are still climbing modestly
• Inventory is hovering around 3 months in both markets
• Strategy > perfection

In other words, we’re in that awkward middle phase where neither buyers nor sellers feel fully in control.

👇 Here’s the breakdown of the latest RMLS March Market Action Report 👇

Portland Metro

More movement, less (price) momentum.

Buyers are showing up again, but they’re not overpaying just to feel something.  Sellers are still adjusting to the idea that 2021 pricing is not a thing.

• New listings: +2.7% YoY
• Pending sales: +5.5% YoY
• Closed sales: +11.0% YoY
• Median price: down ~2.8% year-to-date

Inventory at 3.0 months and ~79 days on market means homes are selling, just not instantly.  Pricing strategy matters again.  I know, devastating.

SW Washington

Meanwhile, across the river, SW Washington is doing its usual thing, quietly outperforming.

A healthier growth story than Portland, with continued demand and slightly more upward price pressure.  Clark County continues to benefit from the same equation it always has: relative affordability + tax advantages + proximity to Portland.  Not new, but still working.

• New listings: +9.7% YoY
• Pending sales: +6.0% YoY
• Closed sales: +15.8% YoY
• Median price: up ~3.8% year-to-date

Inventory is also sitting at 3.0 months, but with a slightly faster pace at 76 days on market.  Not exactly a feeding frenzy, but definitely not Celestial Seasonings Sleepytime Tea.

If you’ve been watching from the sidelines and wondering “is now the time?” let’s talk it through. No presh.

Oh and hey, I forgot to tell you I got my braces off in August…. so we can eat salad together again 😬