The southern cities of Portland Metro continue to see a decline in inventory in this price point with a 15%+ decrease in new listings to the market from August of last year. West Linn has seen the sharpest decline while demand in Oregon City, Canby, Aurora, and surrounding areas gain popularity. Definitely a sellers market. Buyers, be prepared to compete.
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.
The luxury market in the Portland South areas continue to consistently grow year over year. With many owners finding now the time to sell and move up to the next price point, activity is brisk and new and remodeled homes in the segment are moving quickly as seen by the drastic reduction in days on market. Still a sellers market, but certainly a great time to buy if you're looking.
What was once considered Ultra-Luxury is now becoming commonplace in the Portland South marketplace as evidenced by the 27 sales in August. With a record number of $2M+ sales in the last 12 months (52), it's not just Lake Oswego that garners the most luxurious home sales anymore. Sellers should still be practical in pricing as there is just under 11 months inventory. Buyers are seeing the very best homes move off the market faster than ever, but still have plenty to choose from. An experienced luxury broker is more important than ever as sale fails in this price point have grown.
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