For the first time, metro Portland real estate has made it to realtor.com’s “hotness index”, coming in at number 16 for February 2016. A Portland home sold in an average of 45 days in February, down considerably from January’s 73 days. The usual pattern is to have a slow market through the winter months, with housing purchases really picking up in March or April.
Metro Portland Real Estate is Number 16 on the Top 20 Hottest Markets
Nationally, homes are on the market for an average of 96 days, so a Portland home is selling in less than half the time of much of the rest of the country. Markets on the top 20 list have homes on the market 44 to 78 days faster than the national average. Experts believe that the quick selling times is driven by two factors: strong demand and a small increase in housing inventory.
A fast market can take some of the stress out of the process for sellers, who don’t have to cope with the complications of keeping homes in showing-ready condition for weeks on end. Under these conditions, buyers need to be ready to decide quickly when they find the house they want to buy. Working with an experienced real estate agent can help to clarify the process. Feel free to contact our office to discuss your buying or selling needs and find out how we can help.