February RMLS Market Analysis

February RMLS Market Analysis

The market numbers for February were a bit of a mixed bag for the Portland Metro Area. The median home price increased by 3.9% compared to February of last year, which was a welcome relief after January saw the median price fall for the first time in nearly seven years. That said, the number of new listings and closed sales fell compared to last year and both the inventory and total market time increased. These changes are all signs of a local housing market that’s cooling off and stabilizing after years of frantic price increases. Before September of last year it had been 3.5 years since inventory rose above 2.5 months; in the six months since then inventory has not fallen below 2.5 months.

What does this mean for buyers and sellers? For buyers, it’s a great sign - more inventory and a median price that’s not increasing rapidly means more homes to choose from and more time to decide if you want to write an offer. For sellers it means pricing your home appropriately is paramount. An underpriced home will still sell quickly, but you are unlikely to see buyers bidding the price too high over asking. Conversely, overpriced homes (or those priced at the top of what the market will bear) will take much longer to sell and may end up selling for less than what an experienced agent could get for you had it been priced correctly from the beginning. The right agent will help set your home up for success with advice on everything from projects you can do to increase your home’s appeal, to accurate pricing.