The Portland Metro area RMLS Market Action for June 2016 was just released, and the numbers look a little more promising for buyers than they have in recent months. Inventory has slightly increased, Prices are increasing – but not at as dramatic rates as months past – and the number of active listings is the highest it’s been in 2016.
Over the course of 2016 inventory has been staggeringly low. From a high of just 1.8 months in January and February, to a low of 1.3 months in March. It’s managed to slowly climb back to 1.5 months. Buyers will be optimistic this upward trend continues, but it’s still a far cry from where buyers probably want it to be.
On the selling side, the market of course remains excellent. Average and median prices have both gone up $10,000 and $8,000 respectively, and time on the market has dropped to 33 days. A little over a year ago we called a time on market of 55 days staggering, so we’re not even sure what to call this. That number is likely the result of the inventory being so low that many homes are still receiving multiple offers so buyers have been prepared to be fast with their offers for a while now. Sellers can expect to sell their home very quickly if it’s priced well.
With interest rates expected to rise in the next year, now may be the time for homeowners who may be interested in selling to start taking a hard look at it as the increasing inventory could make finding their next home after selling a bit easier.