December Market Update — Portland Metro Area
The latest Portland real estate stats show an average sale price that is up 3.5% over this time last year, and pending sales were up 9% compared to last December. Inventory is still low, but there seem to be more buyers in the market than we’ve seen for a while.
What's it mean for buyers?
This may be the beginning of a shift in the market. The small price decreases seem to have stopped, with the average price increasing 3.5% over last year. Pending sales were also up compared to last December, signaling that lower rates may have brought many buyers back to the market, a trend which will likely continue. Buyers would be smart to accelerate their search before it becomes more competitive.
What's it mean for sellers?
Sales and prices seem to be heading up again, and assuming mortgage rates continue to decline, we will likely continue to see more buyer activity. This year looks to be a good time to sell as relatively-low inventory and steady prices should give sellers more leverage. Now would be a good time to explore the market with your realtor and see what your home could sell for.
