We’ve seen a slow return to a saner housing market in Portland, but that doesn’t mean that everything is normal. Despite a less competitive market than we’ve had in the past, inventory hasn’t gone up a whole lot.
Inventory is definitely still skewed in favor of sellers, but this is nothing new; it’s been this way in Portland for quite some time. If you’re a buyer, lower inventory likely means that you have to decide what’s most important to you and settle in some regard. Even so, it’s easier to be a buyer in Portland than it’s been for the last few years, and there is slightly more inventory than there has been in the past.
With the housing market more stable than it’s been in years, it’s a good time to buy or to sell!
The median sold price for homes in Portland was $410,000 during the fourth quarter of the year, which is down from the $413,400 median price during the third quarter of 2019. We’re still seeing modest home price increases, however, since this is up from $391,000 from the fourth quarter of last year.
But the good news is that the skyrocketing price increases seem to have abated for now. This, combined with exceptionally low mortgage rates, means that buyers still have substantial buying power, even in a market where prices continue to go up.
Days on Market
In good news for buyers, homes are sitting on the market for just a little bit longer than they have been. Currently, homes are on the market for a median of around 24 days. Buyers shouldn’t feel quite as rushed to make an offer on a home, though they should still move briskly if they find the right fit (particularly if it’s on the less-expensive end of the spectrum).
There were 7,243 homes sold during the fourth quarter of last year, which is down from the busy third quarter at the end of the summer and the beginning of fall. The numbers during the fourth quarter of 2018 is 6,795, so we’re up slightly above that this time around. This likely due to the slightly increased inventory I mentioned earlier.
Many experts predicted much higher interest rates for the end of 2019 than we’re currently seeing. Some really nice rate drops are giving buyers the ability to purchase more expensive homes. This is especially helpful in markets like ours.
The average interest rate for a 30-year fixed is 3.65%. At this time last year, that was 4.45%. That makes a large difference in monthly payments, helping people purchase more expensive homes for less money.
Ready to Buy or Sell?
Buying or selling in a market like ours comes with plenty of good and bad for both buyers and sellers. If you’re wanting to buy or sell in the near future, give me a call! I’ll be happy to sit down with you and help you come up with a plan for either selling quickly or for finding the home of your dreams.