I get asked all the time how the Portland market is doing, so I wanted to give you an update on what I’m seeing in our real estate market right now.
We’re coming off two to three years of really solid appreciation. Sellers have been able to sell their homes quickly and sell them for a high price. Earlier in 2016, we had as little as 1.3 months of inventory. That figure has risen slightly to 1.9 months, but that still keeps us in a strong seller’s market. For reference, a “balanced” market has an inventory of around six months.
We are seeing a little bit of an uptick in inventory due to a seasonal shift as well as the presidential election. Typically, the market slows down just a tad during this time of year. However, if you are out there thinking about selling your home but you’re nervous about the recent changes, don’t be.
Our interest rates continue to remain low, which is keeping buyers in the market. Also, 1.9 months of inventory is an extremely low number, and doesn’t leave a lot of options for those buyers with strong buying power. Low inventory and low interest rates are the perfect recipe for a seller to sell their home quickly and for top dollar and for a buyer to get a great deal on a long-term mortgage.
If you are thinking about buying or selling a home in Portland, give me a call or send me an email. I would love to help you in any way I can.