The November 2019 Portland real estate market snapshot is now available from RMLS. What is happening in the market? I find the best way to talk about the market is with photos. So here we go…
Active Listings Snapshot
The number of active listings has been hovering between the 2017 and 2018 numbers. This market trend started this summer, and it has continued since about July 2019. Inventory has been mostly steady since that time period. So what we are seeing is a slowing down by buyers in snapping up available properties.
New Listings Snapshot
New listings on market is ever so slightly below 2017 and 2018 numbers. Because we have been in an inventory crunch in Portland for years, this trend is not too surprising. I expect fewer homes to go on market over the holidays, so this trend is neither surprising nor alarming. Things generally shake loose come January. And the steady climb toward the spring market is usually in full effect by February. That has been the trend the past three years, and I expect we will see a similar pattern come 2020.
Days on Market Snapshot
Days on market is slightly higher than in years past. As of November 2019, the metro area is sitting at approximately 60 days on market, higher than both 2018 and 2017. This jives with the lack of urgency buyers seem to feel in our current market despite the sustained inventory crunch.
Enough is Enough
One truth that the November 2019 Portland real estate market snapshot drives home is that buyers have been beat up in Portland for several years now. They have hit an “enough is enough” point. There is plenty of empty rental housing in Portland right now. Granted, much of it is at the higher end of the rental spectrum, but the lack of a rental crunch is certainly allowing buyers to take their time, and make sure that the home they choose is “just right.”
Market Ready is Essential
I am working with more and more buyers these days who do not want to have to do anything to a home after moving in. Ensuring your listing is market ready is more important than ever in this market. If you are asking yourself if you really need to paint that bumblebee yellow bedroom, I am here to confirm yes.
Average and Median Sale Price Snapshot
Comparing 2019 to 2018 through November, the average sale price has increased 1.4% from $453,100 to $459,300. In the same comparison, the median sale price has increased 2.5% from $400,000 to $410,000. Given that we saw double digit increases for a while there, these numbers show a much slower paced market. This is the sort of market increase that again allows a buyer to take a breath and consider their options.
I expect we will see a similar scenario next year. Portland’s feeding frenzy is a thing of the past. For now. It’s a reasonable time to both list and buy. Homes that are priced right and properly prepped for market are still getting snapped up quickly.
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Danni Duggan and Charles “Bud” Garrison | Oregon Brokers | Premiere Property Group, LLC | Licensed in Oregon | 503-719-2279 | danni@dannipdx.com
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