What’s happening in the Portland market as we head toward the third quarter? I want to be candid and frank today with my observations because most general things in the market don’t change much, but the little things can really make a difference.
The market has been hot for sellers and inventory is low. So what changed? We watch the market action report, which comes out every month and shows what has gone on in the past month, to give us an idea of where the market is and where it’s going. We use it to track things like days on market and housing inventory.
Ironically, as low as inventory has been, we saw it jump from 1.3 months to 1.7 months in just one month, which is pretty significant. There could be various reasons for this, like people taking longer to get their homes on the market due to things like our recent weather issues. We’ve had epic rain here in Portland, which can stall people when selling their homes. In general, people like to get their house on the market when the weather is better and flowers start to bloom.
The recent jump in inventory could also mean that it’s just starting to climb a little bit. Since it’s only one month, we’ll wait to see what the rest of summer looks like. In recent years, the market has hit a lull in June and July, shockingly enough, so it’s worth keeping an eye on. Overall, inventory is still very low though, especially for homes under $400,000 or $350,000 that are in prime areas and don’t need a lot of work.
The other interesting thing we’re seeing is buyers sitting back a little bit. In the first and second quarter of this year, you could expect to get an interested party in the home’s first few days on market. You might even get multiple offers that drive the price up. It’s not completely gone from the market, but buyers have started to wait and see if other people bid the property up before jumping in.
I think a lot of buyers are tapping out and thinking they’ll let someone else ride the bidding war train, and if no one does, then they can jump in and write an offer. When we strategize to sell properties now, we aren’t reviewing all offers on a Monday because it can actually hinder a sale in some respects. However, the market is still good and homes are still selling.
If you have any questions about buying or selling a home in this market, don’t hesitate to give us a call or send us an email. We always want to be a resource for you.