What’s happening now in our market and what will the summer months bring? Find out with this short market update.
With summer just around the corner, many are wondering what the season will bring for our local real estate market.
Truthfully, one of the best ways to predict where our market’s headed is to look at where it’s at right now.
Year-to-date, sales are down 7.5% in Portland and the average amount of time that listings spend on the market is up to 66 days—a 19.9% increase.
The current median sales price rose less dramatically, going up just 1% over that same period. Inventory also rose from 1.8 months to 2.2 months year over year.
The statistics for Washington in general reflect a similar pattern to those we’ve just covered. Sales dropped 4.3%, and the average days on market rose 19.7% to 67 days.
The median sales price across Washington rose 3.7% year over year, and supply increased, as well—going from 1.7 months to 2.4 months over the last 12 months.
Looking at the numbers, it’s clear that sales have slowed overall in our market lately. I believe this is about to change, though.
Why, you ask? It all comes down to interest rates. Current interest rates are lower than they’ve been in more than a year, meaning the months ahead will be an incredible time to buy. By extension, this means it’ll be a great time to sell, as well.
If you have any other questions about what to expect from our summer market or would like more information on this or any other real estate topic, feel free to give me a call or send me an email. I look forward to hearing from you soon.