Q3, 2018: The Market is Slowing Down

The vibe from the Portland housing market is that it’s slowly settling down, which is a welcome reprieve for buyers. Between skyrocketing prices and low inventory, it’s been tough for them for the last few years. So, let’s break down the most important things from the third quarter of 2018.

Price

The median sold price for homes in Portland was $400,000 during the third quarter, which is actually down from the $410,000 we saw during the second quarter (part of this is a seasonal price decline as we ease out of the summer). Home prices are up nearly 6% over last year, but we’re not keeping pace with previous years’ price increases.

Part of the reason for high prices has been historically low inventory. However, that is starting to change, too. At the end of September, there were over 7,000 homes on the market. That’s more inventory than we’ve seen since 2014.

Days on Market

Homes are continuing to move pretty quickly, and they’re on the market for a median 18 days. If you find an affordable house you love, it’s still wise to make a move on it before someone else beats you to it.

Quick sales, combined with high prices and rising interest rates (we’re at about 5% now), are still making it tough for some to buy the homes they want.

Number of Homes Sold

Around 8,300 homes were sold last quarter, which is about seven hundred fewer homes than were sold during the third quarter of 2017. It’s also down about four hundred from the number of homes sold during the second quarter of this year.

Ready to Buy or Sell?

Buying or selling in a market like ours comes with plenty of good and bad. If you’re wanting to do either one in the near future, give me a call! I’ll be happy to sit down with you and help you come up with a game plan.

Leave a Reply

Your email address will not be published.