While listings and sales are up, appreciation in this segment for SW Portland has stalled at a Portland Metro low of 1.8%. Not what you would expect from a significant seller's market, but being first into the housing rush means that you cool off first as well. Hillsboro continues its torrid pace with significant new construction availability and numerous move-up buyers. Sellers can expect heavy activity, but a somewhat more selective buyer group that steers towards not wanting any deferred maintenance or updating. Buyers have more to choose from than last year and with patience can find their perfect home, but be aware that in areas like Hillsboro and Beaverton the top 5% can get as much as similar homes in SW and NW.
The available inventory does not improve as you move up in price on the Eastside with this price segment only having 1.8 months available. Remodels and homes with significant updating move extremely fast. Milwaukie and SE Portland continue to see big jumps in appreciation. Sellers should be careful of competing against the remodels and in-fill new construction in pricing when entering the market. Buyers can find hidden gems, but need to be diligent and not afraid to pay what a few years ago would seem to be 'too much money'.
While inventory is still not ideal, the number of homeowners looking to take advantage of the hot market has definitely increased in this price point. If you're looking for a home in these areas and this price point, now is the time to make your move. This is still a very competitive situation, but being prepared and acting fast can help avoid a multiple offer situation. Sellers, price appropriately, pre-market and you can expect a sale in under three weeks. Timing with Selling and then Buying needs coordination. Plan accordingly.
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