It’s time that we look back on the Portland real estate market and analyze how healthy our market is. Enjoy the market stats!
If you want just a quick and dirty analysis; houses are still selling, they are still gaining value, and the market is still balancing from many years of incredible appreciation. If you want to get a little deeper, keep reading!
We saw a small uptick in home sales in the month of October. That was very likely due to the interest rate dropping back down. This caused a flurry of buyers to jump into the market and we saw both pending and closed sales jump up from October of last year. We also had quite a few more closings than September which is a sign that the market is holding steady.
New listings, and therefore overall inventory, dropped this past month. We expect this to happen every fall as sellers prefer to sell in the warmer months. Surprisingly, we also saw the total days on market increase. Typically with low inventory we would also see the days on market lower. When we have buyers competing for the same house, things tend to sell faster. I think in this case, buyers are being more cautious about the homes they are buying, so if it isn’t priced perfectly, they move on.
Lastly, and perhaps most importantly, home prices are up 1.2% from last year. While this isn’t the type of gain that we are used to, it’s important to note that the number is still climbing. We expect this trend to continue through the holidays and into next year.
With talk of a looming recession, it’s important to watch these market stats closely. Whether you are thinking of buying or selling, you don’t want to miss your ideal window.
Do you have specific questions about your home or area? Feel free to reach out to us at Team@ThatPortlandLife.com!
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