Here’s what you need to know about the Portland metro housing market.
Today I want to talk to you about market stats. It’s what everybody wants to talk about.
Let’s look at the August data that just came out. We ended last August with 1.8 months of inventory, which is a little bit lower than the month before. However, the days on market have gone up. We are now averaging 28 days on the market. From this time last year in August, it was 23 days on the market. Interestingly, when you look at the market and you look at the stats, you still see a lot of good things.
The average sales price has increased 8.6% in the Portland metro area from $570,100 to $619,200. The median sales price has also gone up 8.9% from $505,000 to $550,000. What does that mean? In general, our market is pretty healthy. Prices are up, but we had been seeing much higher increases in the past, so in the next couple of videos I’ll break down what this means for buyers and sellers.
It is now an amazing time for buyers, although there are a lot of things that are hurting all of our pocketbooks. Inflation is up, gas prices are high, and unemployment is wonky. In addition, mortgage rates have nearly doubled since the beginning of the year.
These all impact buyers’ ability to buy. However, we can now negotiate much more for buyers and get deals beyond just having a conversation of “Here’s the price, how much over do you want to pay, and what are the contingencies you want to give up?”
With the market normalizing, there will be a lot of opportunities for buyers. We get to negotiate again and it’s really exciting. So if you want to know what all these steps mean for you, please give me a shout.
Call or email me if you have any questions. I am always willing to help!
