If you feel like there is change in the air, you aren’t the only one. Great listings are still going for top dollar with plenty of competition, but instead of receiving the 15 offers of years past, a seller may see three (super strong) offers. Also, buyers appear to be less willing to compromise on their wish lists. The best of the best is still going pending at a quick clip, but homes with some quirks or those needing a little love are sitting longer than we’re used to. This May brought with it more listings than the month prior and was the strongest May for new listings since 2008. The increase in inventory could explain some of the uncertainty sellers are starting to feel. Perhaps a buyers market is on its way…
Overall Portland Prices:
- Average sale price in the metro area for 2018 through May was $448,600, a 5.9% increase from this time last year.
- The median sale price increased 8.0% to $399,500 in the same comparison.
- Rates have increased slightly at 4.750% for a 30-year, fixed, conventional with excellent credit.
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Scout deems all information contained within this report reliable but not guaranteed at the time of posting.