The third quarter Gardner Report from Windermere’s Chief Economist Matthew Gardner has come out. As always, it provides an interesting look at the real estate markets in Oregon and Southwest Washington. Matt begins by making a note of the overall economic overview for Oregon. He observes that while September had a decline in employment and the rate of growth has slowed somewhat, Oregon’s economy has continued to expand its job base and is expected to continue growth at rates above the national average.
Matt then goes on to make a number of real estate notes:
– Sales activity in Oregon/SW Washington rose by 21.6% when compared to 3Q 2014. This even exceeded the 20.9% growth from 2Q 2015 over 2Q 2014.
– Average home prices rose by 6.1% over the last 12 months to an average of $309,565. It does appear, however, that the rate of appreciation is starting to slow.
– Average days on market dropped by 16 days from 3Q 2014, with the average overall days on market in the region registering at 92 days. Multnomah and Washington counties clock in at less than a month of market time prior to an accepted offer.
Overall, Oregon and Southwest Washington are clearly still strong seller’s markets. If you are considering selling your home, feel free to contact me at 503-890-2928 for a market consultation! In addition, if you are thinking of buying a home but are concerned about market conditions, I’d love it if you reached out to me as well! I’d be happy to go over some effective buying strategies I’ve found while helping buyers navigate the current market.
Full link to the article is HERE. Let me know what you think!