Hang on! We have started another very active year in real estate on a fast and furious tempo! Our very latest numbers have come out and right now we have 1.8 months of inventory on the market in all of the Portland-Metro areas. That is up just a bit from the month before at 1.2 months of inventory. This is important because the ‘months of inventory’ gauges the overall health of the real estate market. A balanced, robust market usually hovers around 6 months of inventory. A Buyer’s market is typically is over 6 months of inventory, Where as, a Seller’s market is everything under 6 months. As you can see we have been in a seller’s market for a long time.
This low inventory situation would normally have a damaging effect on the market, but because the interest rates are so very low, the current market is competitive, and thriving but not damaging. On average, we see an influx of homes hitting the market around May-August. If you were thinking of making a move this year now is the time to start talking with me about it. This is your year!!
MEDIAN SALES PRICE
The median sales price shows an increase of 8.1% in the past 12 months! That is a big jump if you consider the entire sales price of your home…or your potential home you want to buy. This is why buying early in the year is such a good idea. Your home should go up nicely in value this year, but so should the home you want to purchase.
AVERAGE TIME ON THE MARKET
The average time a house stays on the market is up by one day to 57 days on the market. If you have been looking at houses, you know the good ones go in a day or two, with multiple offers. Assuming they are competitively priced and not over priced. Yes, you can still over price your home, even in such a hot seller’s market.
For more information on all things real estate: buying, selling, getting ready to sell, staging (important even in this market), timing, and what your home is worth in this HOT market please call, email, or text anytime.
IT’S A GOOD LIFE!!
Rachel Sheller, Principal Broker, Realtor, CRS, ABR, GRI, SRES
Diversity Specialist-HOWNW, CSA-Certified Staging Agent
Oregon First, Realtors Direct 503.380.9634
View ALL available Houses on the market @ my web site
Licensed in the State of Oregon