The newest market report is out and it shows what we’ve been seeing. Inventory is creeping up and appreciation is slowing down. Days on market dropped by one day while the average price dropped by $17,000. It always drops but this was the biggest drop yet.
Comparing July 2017 through July 2018, the average sale went up by 6%. For that same 12 month period it went up 11.4% in 2016 and 9.3% in 2017. I’m really hoping we can hit a nice 1-3% appreciation and stabilize instead of going negative.
Inventory is creeping up. We have 2.4 months of inventory which is just above the 2.3 we had last September and still a ways from the 3.0 we had in February 2015.
I heard a quote recently where someone asked a person how they got into a certain position in their life and they replied, “Gradually, then suddenly.”
As much as we, especially I, want to predict this market, it will do what it wants to do and then change rapidly. A lot of the run in finances and investment is in historic territory. I guess we just ride it and keep a cautious eye on it.
To see the full report and view up to 25 years of reports, check out this page on our site http://bit.ly/PortlandMarketAction