July Market Update — Portland Metro Area
The latest real estate stats are out for the Portland Metro Area, and they show a market that is humming along at a steady pace. Prices are flat, which is to be expected according to seasonal trends, as we enter our late-Summer lull after a busy Spring.
What's it mean for buyers?
July is typically a bit slower than May and June, meaning buyers have more opportunities to find a home without as much competition. Prices are flat compared to last year, and interest rates have finally dropped, making it a good time for buyers to get a better deal than later this year when the market becomes busier.
What's it mean for sellers?
We still have too few homes for sale, so homes that are priced appropriately with a solid marketing plan are selling quickly. We are in the late-Summer lull, with fewer listings hitting the market than a few months ago. Anyone thinking of selling should talk to a realtor soon to make a plan to be on the market for the early Fall rush.
