JAN 2023 - WILL THIS SLOWER HOUSING MARKET CONTINUE? - 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 January 2022, eight of the 12 locations show a DOM of 10 days or more, with the highest being Lake Oswego at 23 days.
In January 2023, all locations had a DOM of 10 days or more, with the highest being SE Portland at 49 days.
When you compare the month of January from 2019 to 2023, January 2023 is slower than January 2021 & 2022, but it's faster than January 2019 & 2020. Given the rise in mortgage rates, it's impressive the current Housing Market hasn't slowed down more.
See Homes for Sale by Location - No need to search. Results ready-to-go! 🏡🙋♀️
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