There is so much going on in the Portland real estate market right now.It’s been so crazy that we haven’t had time to update you with a video in quite some time. We’re back now and decided that now is a great time to catch you up to speed on what’s going on in Portland real estate.
We have been getting some panicky messages from sellers who have heard that the market has cooled off. That is not necessarily the case. According to the Case Shiller Home Price Index, while appreciation and home prices have slowed, they are still appreciating in value, both nationally and locally. We can’t have 12% appreciation every single year, so this is not the end of the world.
Most economists realize that inventory plays a big part in this market trend. When we talk about “months of inventory” we are referring to how many months it would take to sell the current inventory assuming nothing new comes on the market. So, for example, if we have 6 months of inventory, that means we have the same number of homes coming off the market as there are going on it. In some of our local areas in Portland, the inventory we have is 45 days or less. This has forced buyers to back off of their home search for a while due to limited choice. This is having an effect on how fast our market is appreciating.
Right now is an amazing time to sell. We have just realized double digit appreciation in most of our local markets and interest rates continue to be at historic lows. Neither of these things may continue in the near future. New construction will start increasing as the economy grows, and we’ll be competing with brand new homes and new properties on the market. If you want to figure out what your home is worth, we can give you an instant valuation right here on our site, or you can give us a call and we can give you a free, no obligation detailed home valuation.