As we head into the heart of spring and local temperatures finally on the rise, our local real estate market is heating up, as well (not that it ever cooled off). Portland area Realtors have been praying for more listings to hit the market to help make the prospect of selling one’s home and having them find another suitable property a little easier. Well, March did see a large increase in listings of 3,604 compared to February’s 2,521. However, the pace of sales jumped, as well, with accepted offers of 3,043 up from February’s number of 2,369, as 28.5% increase. The median sales price for the Greater Portland market for the past 12 months shows a 12.2% increase over the previous twelve month period.
How do these numbers translate in practical terms for home buyers and sellers in the area? For many buyers, they are continuing to face competing offer situations for desirable homes in desirable locations. It’s not uncommon to see some homes selling for 10% or more over their list price, and terms very favorable for the seller. For sellers, the challenge of being able to identify their next home and get under contract still exists. Often times, “rent back” times are negotiated to assist with the process, but many are finding temporary housing, to allow more flexibility and provide more leverage in writing an offer that is not tied to the contingency of their home selling/recording.
To help you navigate this challenging market, be sure to have these conversations with your trusted Realtor. Of course, if you don’t currently have one, or simply would like to discuss your real estate questions, please feel more thane welcome to contact me.
For more details on our local market, view the latest RMLS Market Action Report