DEC 2022 - THE SPEED OF THE HOUSING MARKET! - Portland, OR & surrounding cities! 🏡📈🏃♀️
Days-on-Market (DOM) is a critically important trend because it tells you the speed of the Housing Market in seconds, and the speed of the Housing Market tells you everything you need to know as a home buyer or seller. If the location has a consistent DOM of 10 days or less, it's a fast-moving market with bidding wars and rising prices. As that DOM increases above the 10-day mark towards the 20s or 30s, you can expect a slower market with less competition and the ability to negotiate prices.
In December 2021, seven of the 12 locations show a DOM of 10 days or more, with the highest being North Portland at 15 days.
In December 2022, all locations but Lake Oswego had a DOM of 10 days or more, with the highest being NW Portland at 34 days.
When you compare the month of December from 2019 to 2022, December 2022 is higher than December 2021. Still, it is similar to December 2019, the last December before the Housing Market was turbo-charged via historically low mortgage rates. It's shocking the market hasn't slowed down more, given how much higher mortgage rates were in 2022.
I hope you find this information helpful.
Please remember I'm always here for any questions. 😃
Take care, Sheryl