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 March 2023, four locations (NE Portland, Happy Valley, Tigard, and Hillsboro) had a DOM under 10 days. 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. When we compare the month of April from 2019 to 2023, April 2023 is noticeably slower than April 2021 and 2022. But it's only slightly slower than April 2020 and is slightly faster than April 2019. Given the higher mortgage rates, it's surprising how fast the current Housing Market in Portland OR and the surrounding cities is moving.
So what does this tell us? The Housing Market is speeding up, and the buyer bidding wars could arrive sooner than imagined.
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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