The traditional seasonal cool down of the market seems to be taking shape in Portland. With the latest numbers in the RMLS Market Action, the winter season is typically a slower season in real estate as focus tends to shift from buying a new home to vacations and the holidays.
New listings, pending sales, and closed sales all fell about 4-5% in October compared to last year. Average sale prices bounced back 3.5% compared to September after slowly dropping for a few months.
So what does this all mean for someone looking to buy or sell in the winter months?
People who were looking to buy in the summer months that were scared off from the market earlier this year may be ready to go back out and shop now that things have leveled out somewhat. The market should feel a little less intimidating for them and allow them to get out and do more shopping and consideration before buying.
For sellers, the rising prices are a good sign that the market isn’t truly slumping. Sellers don’t have the luxury of putting their house on the market and seeing a pending sticker on the sign the next day that they did this summer, but that doesn’t mean their homes won’t sell. A little patience and working with a Realtor who works hard to market their home can go a long way towards getting their home sold.