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The Portland marketplace has some very hot spots, and it's leading to a market unlike anything we've seen this decade.
New listings to the market are actually down 2% year-to-date right now, and closed sales are up 7%. The average sale price of a home is up 12% from $336,000 to $376,000 here in the marketplace. What does this all mean? We have less inventory, and we have more people buying in the marketplace. Home are flying off the market much faster than they were before; market time is down 30%.
Some areas are feeling crunched right now with values shooting up along with less and less inventory. North Portland is down 14% in new sales and up 15% in average sale price. Southwest Portland looks similar with sales down 16% and sale price up 9%.
Oregon City and Canby are two hot areas right now, up 20% in sales and up 14% in average sales price. Other surrounding areas have seen an 11% increase in value right now, and they're really strong. We're struggling still with inventory sitting at only 1.4 months, and that's not very healthy. We're looking to be more like 6-8 months for a balanced market.
It's a really interesting marketplace right now, nothing like we've seen in the last 10 or 12 years. If you're thinking about selling, you need to have someone working for you who understands the nuances of this market. If you're thinking about buying, you really need to have a strategy put together and you need to be very aggressive with offers - especially below $400,000.
New listings to the market are actually down 2% year-to-date right now, and closed sales are up 7%. The average sale price of a home is up 12% from $336,000 to $376,000 here in the marketplace. What does this all mean? We have less inventory, and we have more people buying in the marketplace. Home are flying off the market much faster than they were before; market time is down 30%.
Some areas are feeling crunched right now with values shooting up along with less and less inventory. North Portland is down 14% in new sales and up 15% in average sale price. Southwest Portland looks similar with sales down 16% and sale price up 9%.
Oregon City and Canby are two hot areas right now, up 20% in sales and up 14% in average sales price. Other surrounding areas have seen an 11% increase in value right now, and they're really strong. We're struggling still with inventory sitting at only 1.4 months, and that's not very healthy. We're looking to be more like 6-8 months for a balanced market.
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It's a really interesting marketplace right now, nothing like we've seen in the last 10 or 12 years.
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It's a really interesting marketplace right now, nothing like we've seen in the last 10 or 12 years. If you're thinking about selling, you need to have someone working for you who understands the nuances of this market. If you're thinking about buying, you really need to have a strategy put together and you need to be very aggressive with offers - especially below $400,000.
We appreciate you tuning in today. If you have any further questions, please feel free to reach out with an email or phone call.
