There’s a lot of news about the median home price in Portland, Oregon dropping 1.3% January 2019 compared to January 2018. Before you panic and think our market is crashing here are some stats to keep in mind. 5.3% Higher: The median home price of 2018 vs. 2017
3.3 Months: The months of home inventory – Buyer’s markets don’t start until we have more than 6 months of inventory.
4,760: The number of active listings – same as we had in April 2018
76: Average Days on Market before a home gets an accepted offer.
So while there is more competition among sellers, I expect the market to rise as it typically does starting in March and peaking in July or August 2019. If you’ve been waiting to buy I think there is an excellent window of opportunity right now for buyers. If you’re buying and selling I would recommend you move if you find the right place. If you’re just selling and moving out of town or to a rental I’d look at listing in April or May 2019.
While I have a pretty good crystal ball there are no guarantees the year will unfold as I expect so seek the advice of a great Realtor or give us a call if you need a great Realtor team to help you make a move!
Nick Krautter is the author of The Golden Handoff: How to Buy and Sell a Real Estate Agent’s Business which debuted number one on Amazon for mergers and acquisitions. His goal is to teach real estate agents how to grow their business and to help them later retire and benefit from their years of hard work. For the last decade Nick has been a Realtor in Portland, Oregon, where he leads a team and frequently serves as a real estate expert for the media.