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!