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 February 2022, zero locations showed a DOM of 10 days or more, with the DOM ranging from a low of four days in Hillsboro and Beaverton to a high of nine days in Happy Valley.
In February 2023, all locations had a DOM of 10 days or more, with the DOM ranging from a low of 10 days in Milwaukie to a high of 56 days in Happy Valley.
When you compare the month of February from 2019 to 2023, February 2023 is noticeably slower than February 2020, 2021, and 2022. However, it is faster than February 2019.
Given the rise in mortgage rates, it's impressive the current Housing Market hasn't slowed down more.
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This video is part of a new series called Trend Watch, where I create a set of videos featuring the most critical Housing Market trends and run them every month so that you can understand how trends work and watch the changes month by month.
I hope you find this information helpful.
Please remember I'm always here for any questions. 😃
Take care, Sheryl