July 2022 - Proof that the Housing Market is Slowing Down in Portland, Oregon & surrounding cities!
Here's the days-on-market (DOM) for July 2019. Let's add a line for the 10-day mark, as 10 days or less is typically considered a seller's market. Each of the 12 locations of North Portland, NE Portland, SE Portland, SW Portland, NW Portland, Hillsboro, Beaverton, Tigard, Lake Oswego, Milwaukie, Happy Valley, and Gresham has a DOM at or above 10 days.
Let's transition to July 2020. Within a year, only the 5 locations of SW Portland, NW Portland, Hillsboro, Lake Oswego, and Happy Valley have a DOM at or above 10 days. This shows the Housing Market speeding up.
As we transition to July 2021, we can see that within a year, the DOM for every location has dropped well below the 10-day mark - aka Big Housing Market speed up!
And as we finally transition to July 2022, every location still has a DOM of less than 10 days, but the Housing Market has slowed down year on year. We can see increased DOM in North Portland, NE Portland, SE Portland, NW Portland, Hillsboro, Beaverton, Lake Oswego, Milwaukie, Happy Valley, and Gresham.
When comparing July 2022 to the others, we can see that our current Housing Market is still faster than July 2019 and July 2020.
So, the market is slowing down, but so far, only compared to the lightning-fast market of 2021. And this is a good thing for both home buyers and sellers. A Housing Market that's moving too fast forces split-second decision-making, which creates opportunities for mistakes that can be catastrophic when dealing with a transaction as life-changing as buying or selling a home.
I hope you find this information helpful.
Please remember I'm always here for any questions. 😃