The patterns are what I find the most interesting about these market reports. Look how similar the data pattern of pending sales and inventory are from April – July of 2018 and April – July of 2019. The same general shape with a peak in June for pending sales and then a slight dip. The same for inventory with it increasing month over month during that time period.
What is different though? It is still a seller’s market with tons of demand and not as much supply. But the gap isn’t as huge as last year. Same shape and pattern but with a bit more inventory than the year previously. This is why we still find sellers getting a good price for their homes but buyers not having as tough a time as they were a few years ago. Portland is still ? hot hot hot ?but it is more balanced than before and more fun for us agents who can still negotiate on behalf of a buyer to get them a great home without offering naming rights to their first born or free pizza for life. Still a window of opportunity for both sides!
June 2019 is a Seller’s market*
Home For Sale in June 2019: 2850 units.
- Up 6.3% compared to last month
- Up 8.2% compared to last year
Home Closed in June 2019: 1075 units.
- Down 12.5% compared to last month
- Down 12.5% compared to last year
Home Placed under Contract in June 2019: 1204 units.
- Down 4% compared to last month
- Up 5.3% compared to last year
*Buyer’s market: more than 6 months of inventory based on closed sales seller’s market: less than 3 months of inventory based on closed sales neutral market: 3 – 6 months of inventory based on closed sales
June 2019 Average Sold Price per Square Footage is Neutral*
Average Sold Price per Square Footage in June 2019: $253
- Down 2.7% compared to last month
- Down 0.8% compared to last year
*Based on 6 month trend – Appreciating/Depreciating/Neutral
June 2019 Average Days on Market trend is Falling*
Average Days on Market in June 2019: 29
- Down 6.5% compared to last month
- Up 7.4% compared to last year
June 2019 Sold/Original List Price Ratio Remains Steady*
Sold/Original List Price % in June 2019: 98%
- Down 1% compared to last month
- Down 1% compared to last year
*Based on 6 month trend – Rising/Falling/Remains Steady
June 2019 Average For Sale Price is Depreciating*
Average For Sale Price (in thousand) in June 2019: $618
- Down 1% compared to last month
- Down 2.1% compared to last year
June 2019 Average Sold Price is Neutral*
Average Sold Price (in thousand) in June 2019: $502
- Down 2.5% compared to last month
- Down 3.1% compared to last year
*Based on 6 month trend – Appreciating/Depreciating/Neutral
June 2019 is a Seller’s market*
Months of Inventory based on Closed Sales in June 2019: 2.7
- Up 22.9% compared to last month
- Up 23.3% compared to last year
*Buyer’s market: more than 6 months of inventory based on closed sales
Seller’s market: less than 3 months of inventory based on closed sales
Neutral market: 3 – 6 months of inventory based on closed sales