PORTLAND OREGON REAL ESTATE MARKET UPDATE 2018
Inventory has been rising throughout the year. We've seen high year-over-year results. However,the market is changing. We are almost at the end of a traditional real estate cycle's upward trend. Typically the market would go up for approximately 7 years. We are about at our 10 year mark next year and the market is changing right before our eyes.
What goes up, must come down.
Over the past 12 months, home appreciation has been approximately 6% . Although we are still seeing homes appreciate what's going to happen moving forward is the real question. There is no doubt that the market is shifting and everyone is watching the trends closely.
Inventory levels are increasing, pending sales are decreasing, closed sales are decreasing as well. What does this tell us? These are trues signs that the market is indeed starting to shift. Buyers are starting to push back and we are seeing more scenarios wherein a home cancels during the listing duration. The pendulum is starting to swing.Portland Oregon Real Estate will look dramatically different this time next year.