September Portland housing market – still hot and favoring sellers
The Portland housing market closed out August much like the rest of 2015. As of the end of August, we still had less than 2 months inventory in listings, which is not good news for home buyers. Some are speculating that the situation could get even tougher during the winter months when typically fewer home owners will list their properties for sale.
While we did see inventory rise from 1.6 months to 1.9 months between July and August this year, these numbers still scream “sellers’ market” throughout the Portland metro area. We also saw a bit of a drop in demand during August, as compared to July 2015, but an increase of just about 20 percent of homes sold during August 2015 as compared to August 2014.
According to an article on Oregonlive.com, “The average sale price through August of this year was $353,200, a 6.2 percent increase over the same period of time in 2014. The median sale price rose 7 percent, from $285,000 to $305,000.”
Typically fall signals a slowdown in the housing market. This usually means that buyers who are really serious have less competition for the homes out there. But there is such pent up demand this year that we just don’t know what the fall and winter seasons will bring this year. And, for those who prefer to wait until after the holidays, if 2016 is anything like 2015 this year, home buyers were out in force as early as New Years’ Day in 2015.
The forecast for 2016 in Portland is more of the same; huge home buyer demand and low housing inventory at least through the spring months, which of course will cause a continued rise in both home prices and values. Sellers are still receiving multiple offers on their homes, even fixers, often within hours of a listing going live.
And if you think the Portland housing market is an anomaly, you should know that Portland didn’t even make the most recent list of 25 hottest housing areas nationwide.
I know this sounds a bit like gloom and doom for home buyers, but for those who are serious and persistent, are available to view houses as they are listed, and make offers very quickly, their efforts will be rewarded.