Here’s what you need to know about the state of Portland’s market.
Judging by the weather outside, it’s safe to say that winter is officially here. Does that mean we’ll see a slowdown in the real estate market? Let’s go over the latest numbers from November for Oregon and Southwest Washington to see:
- Active Listings: up by 11.3%
- Pending Listings: up by 12.07%
- Listings Sold: down by 27.3%
- Active Listings: down by 6%
- Pending Listings: up by 7.6%
- Listings Sold: down by 3.1%
In both areas, pending listings are up. This is probably because it seems like interest rates will rise soon. If the cost of purchasing a home is about to increase, a lot of buyers will hop off the fence and get into the market.
To give you a better idea of what our market looks like, let’s compare our pending sales to what they were like at this time of year in 2019. This is the best year we have for comparisons since it’s the most recent year before the pandemic. Pending sales are up 21% compared to 2019.
What does this mean if you’re a seller? The good news is that you’ll have less competition. You might not receive 20 or 30 offers on your home, but you’re still likely to receive multiple offers. If you’re a seller, I recommend you strike while the iron is hot; things are still moving fast, but we don’t know what the future will hold.
Meanwhile, I think this is one of the best moments for buyers to hop back into the market. Interest rates are likely to rise soon, so take advantage of our low rates while you can.
Hopefully, this sheds some light on the state of our market. If you have any questions, please reach out to me via phone or email. I am always willing to help!