Portland Oregon Real Estate Market Update for February 2024

Spring isn't on its way… it is fully here. At least within the world of real estate. 

New listings went up by a whopping 89% last month. 

With pending sales trailing behind with an increase of 14%. 

Sold home activity decreased by 15%. Though that is more exemplarily of the market we are coming out of as sold home data, by its nature, always lags. 

We did see home inventory go up to 3.2 months which is great news for home buyers who have been waiting to see more options hit the market! 

Here is what I am seeing in the market and hearing from other realtors: 

It’s HOT out here. 

One realtor in my office mentioned a listing her clients wrote an offer on that got 7 offers and she estimates that the home went pending at at least $50,000 over asking. 

Another realtor mentioned 30+ parties coming through her listing. 

Not every listing is getting this level of activity but it does show that we are heading in the right direction towards a hot market. 

Here’s how you can make the most out of this new market as a future home seller: 

Price is going to be key.

As the market heats up, it will be tempting to list your home at your ideal dream price. But while things are getting competitive on the buyer side, not every listing is getting intense action.  

It is really key that we price your home at a price that works for you, but also entice buyers and gets the most amount of people through your door. 

We want your house to be the one that gets 30+ showings. 

We will also implement a high-level strategy for marketing (this is where I come in) and a strategy to properly prep your home so it shines. 

Here is how you can be successful as a buyer in this new market: 

Preparation, education, and strategy will be key. 

If you are reading this email you are already doing great when it comes to the preparation and education portion. 

Having a high level of knowledge about market trends will be extremely helpful. 

And the same thing goes when it comes to preparation. Getting your finances in order with a lender before shopping will be needed in this fast-paced market. 

And then strategy. As we enter a market where you may write an offer on multiple homes before getting an accepted offer, it's important that we set expectations of this new market reality and that we are being super strategic about what homes we look at and how we write our offers. 

If you want to talk more about your 2024 home buying or selling plans I am here for you. While this market is seeing higher activity overall, different areas/price points/style of homes have their own unique submarkets, so it's important that we talk one-on-one about what you can expect based on your own needs. 

Contact me HERE and let's co-create your custom home buying and or selling strategy.