Portland Oregon Real Estate Market Report – May 2016
The numbers are out on RMLS for May 2016, Regional Multiple Listing Service that services real estate listings throughout the Portland Metro. The real estate market report for May 2016 serves as an evidence confirming all the news stories about Portland’s hot real estate market in 2016. 2015 was also a very hot market but it’s not slowing down this spring season. The median home sale price will decrease during the rainy reason from September to February as numbers from last year went from $375,000 in July 2015 to $355,000 in January 2016.
Average days on market has decreased this May to 19 days from 29 days last May. As a real estate agent, that number seems very correct. Normally the trend these days is that a nice and reasonably priced house is sold within a week followed by an open house on Saturday and Sunday. By Tuesdays, the listing agent normally receives around 10 offers for the seller to choose from. Sellers pick the best offer, which include the highest price and best terms. Although above data is pulled only from the City of Portland, the same trend is happening throughout the Portland Metro including Beaverton, Tigard, Milwaukie, and most other surrounding cities.
It is a big seller’s market and I cannot emphasize how important it is for buyers to be ready to pull the trigger quickly once they find an inventory that they really like. The chances are you will lose out 70-80% of the times. Get your pre-approval ready and work with a real estate buyer’s agent. The market in Portland will continue to be hot till about July and August and after that the inventory will decrease. Last year, the rainy reason didn’t cool the market too much because it was such a hot year. It may happen again this winter unless things happen along the way such as an interest rate hike.