July was huge! The Portland area sold more real estate than ever in any month before. 3,452 listings to be exact. Here’s all you really need to know about the Portland real estate market right now, about 300 more new listings hit the market in July than last year at this time but there are 2,000 less active residential listings. Demand is much higher than supply.
While prices have topped out, as they often do around this time of year, it is still clearly a seller’s market. They still have most of the control, at least for the first two weeks after they hit the market. Once we pass two weeks though, buyer’s start to smell blood in the water. So don’t be discouraged if you are a buyer, the market is softening a bit.
North Portland‘s average sales price jumped a whopping 12.3%. Only SE Portland topped the 10% with a 10.4%. Lake Oswego/West Linn had the smallest bump at just 3.5%. It’s funny to write “just 3.5%” because a healthy market should appreciate at 2-3%.
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