Portland Experiencing Home Buyer’s Market
Portland’s once-soaring housing prices are cooling and heading into a buyer’s market. Just nine months ago Portland was one of the last hot markets left over from the hot market we all experienced. However, housing economists say very few sellers are reducing asking prices but may have to soon.
The Northwest has been one area of the country that has weathered the slow down in the housing market over the last two years. For the most part the Northwest has experienced relatively low unemployment, great retail numbers and just the natural beauty of living in such a quality area. But, with the rest of the country experiencing this slow down, the downward housing market has now reached this area as well.
The median home price remained at $300,000 — flat from the month before — and homes required nearly two months to sell on average, according to the Regional Multiple Listing Service, the areas main MLS service for home-sales.
The inventory of available homes hit 6.2 months, tied for the highest since 2003 and nearly double the figure from a year earlier.
So far, most sellers have tried to avoid dropping their prices. It appears the sellers are just reluctant to reduce the prices on their homes and have a false sense about what their home is worth in this market.
At some point sellers will have to reduce prices to start getting offers or risk the chance of chasing a down market.
Portland prices still are holding as well as any in the country. August’s median sale price was 9 percent higher than a year earlier. But thats the homes that sold. the staticians never factor in the hundreds that tested the market and never sold.
Jim Cramer, CNBC News really ripped the housing market on wednesday, but on thursday
he said one of the only areas of the country thats holding it’s own was the Seattle housing market. Listen to Cramer’s comment on the homes market in a CNBC video at this link, Seattle Real Estate.
Hang in there Northwest and like all real estate cycles, we’ll get through this one as well and get back to a normal market once again.
Jerry Campbell - Muljat Group - Bellingham, WA - Bellingham real estate