Its time again to look back at the numbers and see how healthy the real estate market is. With all the news about being in a bubble and an incoming crash, it is more important than ever to really look at past and present statistics. Let’s dive in to the numbers for April 2022!
Since November we have been seeing the inventory hover right around .8 months. This means if no one else listed their home, everything would be sold in less than a month. This is still true for April, but the number is climbing. When we have the stats out for May I expect the number to be closer to .9 or even 1. We have really been feeling the extra inventory and are so grateful for it.
The average sales price is up 13.4% compared to April of last year and a whopping 4% from just last month. The former is not surprising as we have been seeing double digit appreciation for the last couple years. The 4% increase from last month is astonishing, but not unbelievable. As soon as we saw the rates increase, we noticed people throwing out crazy offer numbers so they could lock their rate in. We noticed multiple homes that closed in this timeframe sold for around 30% over what they were listed for.
Now that everyone has settled into the newly increased rate hikes things are back to “Portland normal”. We are still seeing the really cute homes fly off the shelf for about 100k over asking price. Many people are still waiving some or all of their contingencies, and homes are getting multiple offers. The biggest difference is we are mostly seeing 2-3 offers instead of 20.
We expect this trend to continue as things settle a bit. We don’t expect to see any big drops or dips. Despite what major news outlets may be saying, the market correcting itself is a good things and will benefit everyone involved!
If you want specifics about what the changing market means for your home sale or purchase, we would be happy to chat with you! If you want to chat with a lender about your purchasing power, you can see who we trust here