The Portland Market Action report from RMLS for April 2016 was just released, and may be a little early to speculate, but it could be quite the summer for real estate in the Portland Metro area if the market continues to trend like it has been. On the sales side, all of the numbers are up and the Portland market continues to be one of the hottest markets in the nation.
The good news for buyers is that there were over 500 more new listings in April compared to March, bringing up the total inventory very slightly from 1.3 months of inventory to 1.4. If you’re looking to buy there are a few more options available than there were just a month ago.
The downside for buyers is that the average time on the market has dropped 8 days from 51 days to 43 days. Many homes are often getting multiple offers and closing shortly after they’ve gone on the market. As a buyer you need to be prepared for this and make sure you present a strong offer in hopes of being selected.
On the flipside, if you’re looking to sell your home there may be no better time than now. Average and median home prices continue to climb to all times highs in the metro area, reaching $397,000 and $350,000 respectively. These numbers are each over $10,000 higher than they were just last month. The only thing sellers need to worry about in this market is being able to find a home quick enough that they can purchase before their current home is sold.