SPEEDY PACE OF THE HOUSING MARKET 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 April 2023, eight locations (North Portland, NE Portland, SE Portland, SW Portland, NW Portland, Beaverton, Lake Oswego, and Milwaukie) have a DOM under 10 days.
In May 2023, eight locations (North Portland, NE Portland, SE Portland, SW Portland, NW Portland, Hillsboro, Beaverton, and Milwaukie) also have a DOM under 10 days.
When we compare the month of May from 2019 to 2023, May 2023 is noticeably slower than May 2021 & 2022. But it's equal to or slightly faster than May 2019 & 2020.
Given the higher mortgage rates, it's surprising how fast our current Housing Market in Portland, OR, and the surrounding cities is moving.
So what does this tell us? The Housing Market in Portland, OR & the surrounding cities is speeding up, and the buyer bidding wars are back on the scene.
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