What is happening in the Portland real estate market? We have six important statistics to share with you today.
It’s time for your Portland real estate market update. There are a few important market statistics that we want to share with you today.
First of all, there are 98 bumpable listings on the market right now. That means that these listings are contingent on something happening on the buyer’s or seller’s side of the transaction in order for the sale to go through.
This is really important. In the past, sellers have been cautious about contingent home offers. Most of the time, sellers would wait to find their next home before putting their current home on the market. It’s very promising that there are 98 bumpable listings. With all of those contingent offers, we’ll likely see 98 new homes hit the market soon, which is good news for buyers.
Next, there are 197 expired homes. That means these homes failed to sell in the last few months. As your agents, we look at why those listings failed to sell so that you don’t end up in the same situation.
Another important thing to know is that 612 homes are back on the market. Buyers these days are more particular on what they want from a home. They expect the home to be in good condition for a certain price. On the other side, sellers are not willing to negotiate repairs, so these deals are falling apart and those homes are coming back on the market.
That is great news for buyers. Those 612 homes increase inventory. Plus, you may even get a second chance at a home that you liked earlier but didn’t get a chance to make an offer on.
Sellers should take note that in the last week alone, we had 783 price changes. Although Portland is still in a strong seller’s market, it’s not as strong as some people may think. You can’t overprice your home in this market, and those 783 price changes prove that. We’re here to guide you. We can help you avoid that price adjustment by pricing your home correctly from the start.
Finally, the number of closed sales in July dropped by 12%, while the number of pending sales dropped 7.9%.
All in all, these numbers indicate that our market is shifting into a more balanced, healthy market. We are not in the housing bubble that everyone feared. Prices are still very healthy, and inventory is still fairly low, which makes it a good time to sell your home.
That said, these numbers do show a disparity between buyer expectations and what sellers believe they can get out of the current market. Don’t forget those 612 homes that went back on the market after their deal fell apart.
As we mentioned earlier, there is slightly more inventory for buyers to choose from these days. Make sure you take advantage of the updated inventory and low mortgage rates now.
If you have any questions about buying or selling in our current market, just give us a call or send us an email. We would be happy to help you!