July Market Stats

The statistics for the last month are finally out and we can break down the numbers. As anticipated the market is leveling out throughout the Portland metro. We are still seeing multiple offers in certain markets, but for the most part things are selling for about asking price after sitting on the market for a week or more. If you want the full break down, read below!

We saw slightly less homes come onto the market in July, but this is not surprising as most people believe June is the best month to sell their home. The number of homes to go pending, and the number of homes sold is about the same as last month. This caused our months of inventory to dip slightly because there are still so many buyers in the market.

The average and median sales prices both dropped slightly in July over June, this is likely because Portland as a whole saw things selling closer to list price than it did in the heat of the spring. As we continue to come into a normalizing market we should expect these numbers to continue to drop slightly. This doesn’t mean that homes are losing value, it simply means things are selling closer to what they are truly worth vs. the bidding wars we have seen.

Southeast continues to dominate as the area with the most closings, in part because of its popular neighborhoods and it’s size compared to the other Portland quadrants.

Interest rates are what are primarily driving buyers at the moment, so even though the market may continue to soften, now is actually the best time to buy. Having an interest rate under 4% as opposed to last years interest rate of 4.65% can save you over $200 a month in your payment.

If you are thinking of buying, we would love to talk you though how these numbers specifically can affect you. If you think you might want to sell, we would love to come chat with you! If you want an instant home evaluation you can click here!

Talk to you again soon.


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