The RMLS Market Action Report for July didn’t provide for any surprises, but it did mirror what we are starting to see on the ground here at Lovejoy Real Estate.
Here are the highlights: The average sale price of a home in the Portland Metro area in July of 2021 has rocketed up to $593,100, an almost 20% appreciation from July 2020. Furthermore, average days on market in July 2021 was half compared to the same time last year, it has dropped from 41 days on market in July 2020 to only 20 now. Conversely, we saw a slight increase of inventory on the market this month.
As we all know, the market has been crazy both nationwide, but especially here in the Portland Metro market. However, we have started to see what may be a beginning of a shift in our market place here since July. And before anybody gets excited (or scared), market experts and we don’t anticipate a market crash or dramatic price changes coming soon, just a slight shift in the level of competition compared to the extreme conditions we were seeing earlier in the year.
As we mentioned earlier, we saw the inventory increase to 0.9 months of inventory from 0.8 the month prior. This change may seem insignificant, but our agents are feeling this change in their operations both on the selling side and buying side already.
On the buying side, we’re starting to see the increase in inventory (or in some cases, that things are staying on the market just a wee bit longer than they have been lately). Allowing our buyers a little more breathing room when selecting homes to see and making offers. In certain price points, this looks like more appointment times being available as more homes are available for buyers to choose from (even if it’s only a handful more). Then if they find one they’re ready to make an offer on, they’re competing against 2-5 offers instead of 10+!
On the selling side, this minor shift doesn’t mean you’ve missed the window of opportunity—not by any means! It simply means it’s even more critical now to find a realtor or team who truly knows the market and how to build that frenzy around your property. Considering we’ve just accepted an offer well over asking on two of our most recent listings within a week of it going on the market, we’re confident when we say we fit the bill 😉
Bottom line is, both buyers and sellers should take advantage of the still shockingly low inventory and historically low interest rates (which we don’t expect to last going into 2022). If you’re a seller and want to see what price and strategy would work best for getting top dollar for your home, contact us today and we’ll schedule a quick walk through to get the process started!
Buyers? We’ve got you, even in the tougher market, we were able to get our buyer’s offers accepted every weekend! So as the market shifts, with the insights we have daily on both sides of the transactions in our market we’ll know best when you’re ready to make an offer. Contact us to find your roadmap to homeownership today.