A couple of days ago, I shared on my Facebook page some local and national statistics about how many days it takes for a house to sell in this current market.
I would like to take this opportunity to clarify one thing: one of the driving factor behind this data is the amount of inventory available to the buyers. This is determined by the supply of homes expressed in month(s), i.e. the length of time it would take to sell all the homes currently offered for sale IF no new listing is added to the mix.
Note that a 1 to 2 month supply is considered a “shortage”, a 3 to 4 month supply is considered “low” and a 5 to 6 month supply is “healthy”.
Here is the state of the market per price point:
Up to $249,999: 1.1 month supply
$250,000-$ 349,999: 0.8 month supply
$350,000-$499,999: 1.0 month supply
$500,000-$749,999: 2.8 month supply
$750,000-$999,999: 9.5 month supply
$1,000,000+: 9.8 month supply
Final note: With 98% of the sales occurring under the $750,000 price point, 56% of the homes sell on average in the first 30 days.
My name is Marie Conser and I help people buy, sell and invest in real estate in the Portland Metro area. I specialize in the residential real estate market in West Portland, particularly: Cedar Mill, Oak Hills, Bethany, Rock Creek, Forest Heights and Beaverton. Whether buying or selling, be it your first home, your last home, or building your investment portfolio, I can’t wait to help you achieve your goals.
Call, text 503-459-2726 or email me at firstname.lastname@example.org today to start making your real estate dreams reality!
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