The statistics for the last month are out so we now get to break down the numbers. The market is continuing to slow down and steady throughout the entire Portland Metro. We are still seeing multiple offers in certain areas, but for the most part things are selling for around asking price after sitting on the market for a week or more. If you want the full break down, read below!
Overall, we saw our numbers drop slightly across the board. Less homes came on the market than in July, less homes sold, and the average sale price fell from $466K to $462K for the metro area. However, the average sales price is still up from last august, so we are still appreciating, just more slowly.
We see less and less inventory come onto the market every year, but the drop off happened sooner this year than it did in previous years. We usually expect a strong market through September with new listings dropping off for the holidays. I think a large reason that we are seeing less and less homes on the market is due to the huge inventory we had at the beginning of the year. The media has been speculating about a recession for quite some time and that spooked sellers into selling early on in the year.
There are still lots of people buying and selling homes so make sure you choose a professional that can help you easily navigate the changing market. Please leave us a comment or send us a message if you have any questions!
If you are thinking of buying, we would love to talk you through how these numbers specifically can affect you. If you think you might want to sell, we would love to come chat with you! If you want an instant home evaluation you can click here!
Talk to you again soon.