What’s been going on in our Southwest Washington market lately? Today let’s review how the past few months have fared.
How has our Southwest Washington market fared so far this year? Let’s take a look at the last few months.
In April, closed sales rose 11% in Portland and 12% in Southwest Washington as a whole. And in May, Portland saw an 8% drop in closed sales and Southwest Washington overall saw a dip of 7%.
But what about June? Well, much like we saw last month, June has seen closed sales drop 9% in Portland and 3% across Southwest Washington in general.
What do these figures tell us about our market?
One major thing we can take away from these trends is that there’s a sense of apathy among buyers in our market lately. First-time buyers are struggling to secure a home, as listings in lower price points often see six or more offers. Even so, buyer traffic hasn’t been as hot as it should be at this time of year.
So my hope for the months to come is that we start seeing more listings come onto our market. And with the Fed having just raised interest rates, it’s likely that market activity will begin to pick up. Economic growth is strong and unemployment is low, so I am very optimistic that all of the factors we’ve discussed today will ultimately result in a stable summer market.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.