Today I want to give you some of the latest stats for the Portland real estate market. Our local MLS has just released the stats from March and there are just a couple of noteworthy things I wanted to share with you.
First, the average price is up. As of March 31, it sits at $449,500. That’s up $4,000 from February and a good $17,500 from last year at this time. Portland is becoming less and less affordable. I still love where we’re positioned on the West Coast between San Francisco and Seattle, but we do have to work together on an overall strategy so we can find an affordable home for you in this marketplace.
Second, let’s look at the available months of inventory. It’s a statistic found by taking all the homes for sale on the market divided by the current rate of sales. The resulting number tells us how many months it would take to sell off everything we have for sale. At the end of March, we had just 1.6 months. This is the third-lowest figure we’ve seen since January 2017.
Inventory is low, prices are high, and buyers are getting frustrated. It’s more important than ever to talk to your agent and come up with a strategy for how to be successful in this market. We’re still optimistic and there is a lot of opportunity, but it is going to take a winning strategy.
If you have any questions for me at all, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.
