By Virginia Barden, November 14, 2018
Make Hay While the Sun Shines.
You can all thank my midwestern agricultural roots for this gem of a title. But all cliche’s aside – the October Market Activity Report brings us a balanced market (inventory of 3.2 months) and a great time to buy and sell homes in Portland:
The number of homes on the market is higher than it has been in ages while interest rates are still relatively low (but are anticipated to steadily march upward over the next year). This is great news for buyers.
As a seller, the market has shifted into a balanced one here in PDX. After years of a crazy seller’s market where sellers had all the power, any balancing feels uncomfortable to those thinking of listing. However, these changes bring sustainability to our real estate economy and overall housing affordability.
While the average sold price remained neutral for the month, the average days on Market did rose by 11.1%. Sellers are being pushed to list sooner than they had planned. This means they are not waiting until the traditional spring months to list.
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If all of this gives you glazed eyes, don’t let it – call or message me for a customized conversation about your situation. I love talking about this stuff and empowering my community with knowledge.
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If you want more, here are the numbers:
October 2018 is a Neutral market*
Home For Sale in October 2018: 2625 units.
• Down 6.9% compared to last month
• Up 31.6% compared to last year
Home Closed in October 2018: 826 units.
• Up 7.8% compared to last month
• Down 10.5% compared to last year
Home Placed under Contract in October 2018: 959 units.
• Up 19.1% compared to last month
• Up 8.4% 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 sale
Virginia Barden
Broker
Grounded in personalized service and thoughtful communication, Virginia leverages her experience with high-pressure real estate investment environments to achieve exceptional outcomes for her clients. Virginia creates calm from chaos and loves adapting these tools to her clients’ benefit.
In addition to her years in real estate, Virginia holds a Bachelor’s of Sociology Degree and a Certificate of Organic Master Gardening from Portland State University.
When Virginia is not tenaciously advocating for her clients, she is in the kitchen working on recipes that begin with, “Day 1…”, drinking great coffee and hiking Mt. Tabor with her young family and her labradoodle, Polly.
Virginia deeply cherishes the trust of her community and she will always have hearts in her eyes for Portland.
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- T: 971-284-0657
- virginia@livingroomre.com
