Here’s how our market is changing, but it’s not a bad thing.
Are things changing in our real estate market? The answer is yes, things are changing a bit. I’ve been speaking to many of my peers around the U.S., and most are saying things are slowing down in their areas (places like Florida, Texas, and Arizona are outliers). Overall, inventory levels are rising everywhere.
In July in the Portland metro and Marion County, active listings have decreased 7%, and for the first time in 12 months, we have fewer pending sales year over year, down about 1%. Closed sales have fallen about 7%. In Clark County, active listings have declined 7% as well, pending sales have dropped about 5.5%, and closed sales have shrunk in the double digits. Things are slowing in our market, but that’s not a bad thing.
We’ve seen exceedingly low inventory for a long time, and now buyers have a little more breathing room. Buyer fatigue is still around, and people are just sitting on the sidelines waiting for the right opportunity. Now, they have a glimmer of hope, and we may see more of them get into the market. We have excellent interest rates, they just lowered again, and are now in the low 3% range.
Our market is still fantastic. Even though pendings and solds have reduced year over year, pendings have climbed 18% from July 2019 and 15% from 2018, and closed sales jumped 8.1% from July 2019 and 16.4% from 2018. There’s no doom and gloom, we aren’t going to see a crash, but the market might peak at the beginning of 2022.
If you have any questions about the market or real estate in general, call me or visit my website. I would love to help you.