Our stats are here! The Portland market is still performing incredibly well and is slowing significantly less than we anticipated and actually picking up speed in some areas. I you want the full breakdown, read below!
The Portland market stayed strong through June as we continue into Summer time. Last month we mentioned that June is frequently the time that most people list their homes for sale, and while we saw some great numbers, we actually had fewer homes listed in June that we did in May. The interesting thing is that we saw many more homes go pending than they have in precious months. This means that more people are out shopping than before. If you have been house hunting, you have likely noticed this first hand. We have been experiencing multiple offers on almost all the homes we have been in to see. This also means that average days on market dropped. With more people out hunting, homes are not lasting as long before they go pending.
The average sales price went up in June while the median sales price did not change. The disparity in these changes comes from the fact that we have a denser pricing pool. There have been fewer very low or very high priced homes to affect the median, but home prices are climbing.
All in all, things in Portland are going well and we expect these trends to continue for at least the next couple of months.
If you are thinking of selling or buying, don’t hesitate to reach out and we can discuss how these stats will affect our strategies in the current market!
As an example, here are the stats for the Richmond neighborhood. Â As you can see, the average days on market before a home went pending (upper box) is 10 days. Â That is less than 2 weeks on the market before the seller has negotiated and accepted an offer. Â If you look at the closed sales (bottom box) you can see that the average is only 3 days! Â While I did select a specific neighborhood, this trend continues into almost every neighborhood of Portland.
