Excellent news- market inventory has dropped markedly from January where we started our at a whopping 19 months. Our current rate is at 11 months, which means if no other homes were put on the market, at the current rate of sales all properties would be sold- or absorbed, in 11 months. It is generally held that a 6 month inventory is the best balance between a buyers and sellers market. In more good news, sales grew from March to April by 13%, steeper than the usual rate. Prices are on average down from this time last year by 9%. Looking more closely at particular areas, West Portland has the highest DOM (days on market) at 150, but one can also see that West Portland by far has the most new listings and competition is steep to connect with that buyer.
Lake Oswego, Oregon City and Hillsboro are at the top of the loss in sales price from this time last year, at 9%.
Overall, NE Portland has done well with an average of 107 DOM, with year to date sales down by 27%, and the average sales price down from last year by 3%.
New listings are down overall as many builders have lost financing, and sellers that aren't compelled to sell are holding for the time being. Every situation is different and requires individual counseling, but overall it's a great time for first time home buyers and those who are selling and moving up into more house. Sellers needing to move for other reasons, whether because of a move, or a hardship would be well advised to work with someone that has the skill to position their property correctly in the market, and can prepare and present that property to stand out from the 14,000 other homes listed currently. You know where to find me. Read the Entire Market Action