HOUSING MARKET SHOWS SIGNS OF SLOWING in Portland, OR & surrounding cities! 🏡🏃♀️📈
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 June 2023, 10 out of the 12 locations had a DOM under 10 days.
In July 2023, only 6 out of 12 locations have a DOM under 10 days. So month to month, the Housing Market in Portland, OR & surrounding cities is showing signs of slowing.
When comparing the month of July from 2019 to 2023, July 2023 is slower than July 2021 & 2022 but faster than July 2019 & 2020.
Given the higher mortgage rates, it's surprising how fast our current Housing Market is still moving.
See Homes for Sale by Location - No need to search. Results ready-to-go! 🏡🙋♀️
See Homes for Sale by Price - No need to search. Results ready-to-go! 🏡🙋♀️
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