Because buyers could use some good news!
In a couple of weeks, when the official market data comes out for May, I'll be writing up a more complete market report. But I wanted to quickly write a few words of encouragement for any buyers out there that have been frustrated by the low inventory situation that we've been in for awhile now.
Inventory in the month of May was higher than ANY OTHER MONTH since the housing bust - 1593 units were listed for sale in the 4 quadrants of Portland. This is exciting news!
Even more importantly for buyers, 1003 units sold in May, which is less than the number of units sold in May in both 2016 and 2015.
These two figures combined mean more inventory on the market, less multiple offer situations, and a greater chance for contingent offers to be accepted. This coincides with what I'm experiencing at ground level. I've seen highly desirable homes in inner-Southeast Portland go through price drops. I've watched gorgeous condos with incredible views in the Pearl and South Waterfront sit on the market for weeks. While inventory has by no means corrected itself, we are definitely seeing enough of a change to be encouraging.
If you have put your home search on hold, now is the time to consider jumping back into the fray! If you are thinking about selling, you may want to step up your timetable to take advantage of the summer market. Prices are still ticking upwards so this is a great market for both buyers and sellers!
If you're ready to get prepared to buy or sell a home, use this form to request information or contact me directly with any questions. I'm happy to help!