I will begin by saying that the Portland metro market does not show signs of slowing down. Despite the fact that some homeowners are having a harder time selling their home, some have even contacted met frantically asking what they're doing wrong. Well, nothing in particular. Sales have increased since May, but inventory is still HIGH (see graph above).
So before anyone worries, if your property isn't selling yet, its not a sign the market is slowing down (yet) but more a sign that many property owners are trying to cash in the equity they've built up. Pending sales have dropped off slightly.
What I particularly love about the graph is the visible seasonality of the market, as supply and demand both build up during the summer months and significantly drop off during winter. Despite rising interest rates, summer 2018 seems to be on track with last summer.
We have also had a tick up in median sales price for the month of June. This is a great sign that residential properties are continuing to appreciate! The gap between asking price and selling price has shrunk just like in previous summers.
These statistics are for Multnomah County as a whole and do not include Clackamas or Washington County. The patterns in these respective counties are very similar. Overall, still an amazing time to be in the industry!
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Alex Ianos is a Portland area real estate investor and broker