Portland Oregon Real Estate Market Update for May 2024
What we discuss:
The importance of an expert buyers agent in this new real estate market landscape.
The opportunities in the Portland Real Estate Market for home sellers.
New predictions for interest rates.
The heat of this market seems to continue as we head into the summer!!
Activity in the Portland Metro market continues its upward trend with heightened activity across the board.
New listings were up 28% with 3,120 homes hitting the market. (Whoohoo more options for home buyers!)
Pending sales were up 8% with 2,313 homes going under contract.
And sold homes were up 19% with 1,883 going to new homeowners.
Inventory of homes actually saw a slight increase from 2.3 months to 2.4 months. Meaning if no new homes were to hit the market, based on demand, we would run out of homes in about 2 and a half months.
The average sales price has remained steady at $604,000, showing that with demand remaining so high for housing in the Portland market, even with high interest rates, prices have remained stable.
Speaking of interest rates, we have seen them fluctuate slightly in the last few weeks, both up and down, and as discussed last month, it is projected that rates will not see any drastic decrease anytime soon. The most we can likely hope for is one to maaaybe two decreases by the end of the year. Womp womp.
While activity is up and energy is high in our market it's important to note, especially for you home sellers, that not every home is performing the same in this market, the average days on market in the Portland Metro Area is 83 days (I will just brag quickly that the average days on market for a Living Room Realty listing is 5 days. Our high-level marketing strategies, level of experience, and industry-wide reputation really pay off for our clients). So while we are seeing a lot of homes go pending in a weekend (like the ones we list at Living Room) not all homes are getting those results. With that in mind, it is important that you do everything necessary to prep your home well and work with the right listing team to present your home in the best light.
Speaking of days on market, for home buyers, it is good to note that days on market are not a great determinant of whether a home will have competition or not. Yesterday I handed keys over to some buyers who wrote an offer on a home that got 4 offers even though the home was listed for 24 days and had a failed transaction prior. Luckily we employed high-level strategies to win them the home and as of yesterday they are now homeowners for the first time!
Also yesterday I wrote an offer for a family on a home that had been sitting for over a 100 days and suddenly two other offers came in.
So while this doesn't happen in every case, just keep in mind that sometimes, just because a home is sitting does not mean you won't have to compete against other home buyers.
If you are curious to learn more about the current market and hear some more anecdotes, watch the video above!
Looking to make a move in 2024? I am here for you. While this market is seeing heightened activity overall, different areas/price points/types of homes have their own unique market conditions, so its essential that we talk one-on-one about what you can expect based on your own needs.
You can find my contact info in my bio or contact me HERE. I look forward to talking with you and co-creating your custom strategy to achieve your dreams.
