The latest RMLS market action is out, and we see that the market is continuing to even out after the last year or so that saw the Portland market explode.
Month to month over the last 2-3 months, the market is certainly headed away from being the hot seller’s market it was early this summer. Homes are sitting on the market longer than they were before and prices have dropped compared to last month, but the market is still incredibly strong.
Time on market is the third shortest it’s been in three years, and prices over the last year have risen at one of the fastest rates in the country. If you’re looking to sell in Portland right now, you don’t need to worry. Sure you might not get 5-6 offers over ask the day your home goes on the market like you might have in May, but if your home is priced right, you’re likely to see strong offers rather fast.
If you’re on the buying side, things are looking pretty good for you compared to just a few short months ago. You’re no longer having to write your offer the second you see a house. You do still have to be quick, but you can take just a little more time on your home search.
The winter season is typically slower than the summer for real estate, but with the market in a slight cool down, it may be the perfect time for buyers and sellers to hit the market and get prices they’re happy with.