The latest Portland market update is out and the Portland Real Estate Market seems to be picking up, if only slightly.
February saw a drop in closed sales, but an increase in activity as both new and pending listings increased over January. The drop in closed sales is generally linked to activity in earlier months, as most homes take about 30 or more days to close, so the lower closes are to be expected.
Average prices took a slight drop, while the median price came up 1%. After a large increase in prices in the first half of last year, prices have calmed down in recent months and remain fairly stable, but have still been heading upward, if only slightly. For buyers this is good news as it doesn’t look like we’re going to see massive price jumps like we did last year, but there is still plenty of time for that to happen, so if you’re looking to buy, it might be smart to move quickly!
The market can be very up and down right now, with some homes getting multiple offers and going off the market within just a few days, while others sit on the market for weeks without much interest. Sellers who want to sell quick will want to price their home aggressively and hope to get lots of interest early so they can get their offers fast.
As we head into the warmer months, we can expect the market to pick up some pace as more homes go on the market and as more buyers decide it’s time to get out on the market, and more sellers decide it’s time to list.