We have the latest sales figures in from our RMLS (regional multiple listing service), which I will be sharing with you monthly. Called the "Market Action", this report is often quoted from in the Oregonian, but usually not shown in its totality. Sales are down just over 30% from this time last year, and we have 14 months of inventory on the market, with an average of 122 DOM (days on market). If you bought in the last few years, and have to sell, obviously this is not good news.
The good news is, if you're a buyer, the rates are historically low- prices, desirable neighborhoods, and a large inventory are more within your reach. If you are a seller who is buying up, you will come out ahead. Say prices have gone down an average of 10% in the Portland area. Your house is now worth $300,000. Perhaps a year ago you could have sold for $330,000. You have a "loss" of $30,000. The home you would like to buy, assuming that is properly priced for todays market at $500,000, is selling at $50,000 less than it could have a year or so ago. In this situation, the same discounted sales price works to buyers favor.
People ask me often what I think about the market, or are surprised when I tell them that last year was my best year in real estate. One of the truths of this or any market, is this- people continue to have children and need to upsize, or downsize, move, get married, and any number of human situations that require a move. My job is to help people navigate their home needs successfully, no matter what the market is doing, and with my listing DOM last year averaging at 43 days, I would say my clients are doing just fine.