THIS SLOWER HOUSING MARKET MAY END FASTER THAN IMAGINED 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 February 2023, zero locations had a DOM under 10 days. In March 2023, NE Portland, Happy Valley, Tigard, and Hillsboro have a DOM under 10 days. When we compare the month of March from 2019 to 2023, March 2023 is slower than March 2021 and 2022 but is faster than March 2019 and 2020. Given the high mortgage rates, it's insane how fast our current Housing Market is moving.
So what does this tell us? The slower Housing Market may be ending, and the days of buyer bidding wars could arrive sooner than imagined.
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 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