By Jacob Weigel, April 18, 2024
Find out what’s happening in the Portland real estate market for Mid-April 2024.
Hi I’m Jacob Weigel with Living Room Realty. I’m here to tell you what you need to know about the market for Mid April 2024.
Let’s Dive Into The Data
Anyone who’s familiar with the 12 seasons of Oregon (or allergies) knows that we are currently in the Pollening. And with all the itchy eyes & blooming flowers and trees comes the spring market, which is heating up – but there is a tale of two listings within this data. Pending sales are up 2.8% month over month, but this doesn’t tell the full story.
Let me tell you about what I refer to as “depressed inventory.” New listings are up 16.3%, new pendings are up 22.7%, and closed sales are up 22.9%. HOWEVER, total market time went up? Are days on market and a rise in pending transactions mutually exclusive data points? Nope – they are not.
Listings within living room realty are currently seeing an average of 3.5-4.5 offers per week, and averaging $20-$30 thousand over asking.
Stand Out & Show Value
While more inventory is coming on the market, a ton of listings that have been sitting for many weeks. This market is a price war and a beauty contest. If you are an active seller in this market, you need to make sure your asset looks good and shows VALUE.
Last week the fed signaled that our current interest rate market is here to stay longer than investors previously thought. While the buying demand continues to stay strong, buyers are less and less willing to take on repairs without seller concessions. If you are a home seller – listing prep is EVERYTHING.
Get Your Home Ready
Reach out to a professional like myself to consult around what the highest value adds are that can be done prior to going on the market. It’s never too early to be thinking about this. I have many clients who have consulted with me on design elements for up to one year prior to their desired launch date to market
Any of these additions to your property should be giving you greater than a dollar for dollar return. This is exactly what a good agent can help build a plan around.
Make A Move
Living Room Realty is committed to connecting you with as much information to help you make an informed decision. If you’re ready to make a move, give us a call today. We’d love to help you find your next Living Room.
