Portland’s market is staying strong as we head into our summer months. We had a huge push of new listings coming on the market with 700 more homes being listed in April than in March. The inventory didn’t change in the city though because we also had 400 more homes go pending and 300 more homes sold. This means that while we are seeing lots of homes coming up, there are tons of buyers in the market purchasing everything new that is being listed.
Average and median home sale prices both increased this past month which is further evidence that our market, though slowing, is not crashing. We continue to put out strong numbers and are heading into a neutral market with steady growth. The Days on market lowered slightly as well with some hot homes selling very quickly. In most close in areas we are seeing market times of about 7 days and typically one or perhaps 2 offers on a property.
I expect these numbers to be slightly softer in the month of May and to continue to plateau as we head through the summer. If you are thinking about selling, now is really the best time to do so as we may experience a slower than normal fall and winter. If you want any specific data about how pricing and what strategies will work bet for you, please reach out to us!