What have we seen in our year-to-year numbers? Let’s find out.
Today we’ll be going over the latest numbers for our Portland and SW Washington real estate market.
In Portland, 533 homes were sold in the first two weeks of January compared to 638 last year. In SW Washington, 147 sold in the first two weeks of January while 199 sold last year. The numbers haven’t been this low since 2014.
We had a tough December in both areas. Portland had 21% fewer sales in December 2018 compared to 2017 and SW Washington had 15% fewer. Portland had 10% fewer pending sales and SW Washington had 3% fewer.
Home values are still increasing, but not by quite as much as we’ve become used to. The 5.5% appreciation rate we ended 2018 with is 8.3% lower than what we’ve observed in the recent past; however, this is still a strong rate, historically speaking. Inventory and the number of days on market are both increasing, which will either slow down appreciation or even cause depreciation.
There are also a lot of new construction homes hitting the market, which is good if you’re a buyer. If you’re a seller, you just have to be realistic and watch what the competition is doing in the coming months.
If you have any questions or need more information, feel free to reach out to me. I look forward to hearing from you soon.