Days-on-Market (DOM) is a critically important trend because it instantly tells you the speed of the Housing Market, 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 under 10 days, 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 May 2023, all locations but Gresham, Happy Valley, Lake Oswego, and Tigard have a DOM under 10 days.
In June 2023, all locations but Gresham and Tigard have a DOM under 10 days.
Now let's compare the month of June from 2019 to 2023. Although June 2023 is noticeably slower than June 2021 & 2022, it's clearly faster than June 2019 & 2020.
Given the higher mortgage rates, it's surprising how fast our current Housing Market is moving.
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This video is part of a 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