How Fast do Portland Homes Sell?
The Portland real estate market has been widely considered a seller’s market, at least for the last six years or so, and that means that Portland homes on average sell fast! But how fast do the homes sell? How fast is fast?
Typically home sales are considered fast, and the market is considered a seller’s market, if the average home sells in 60 days or less. As you can see from the below chart, homes have sold in less than 60 days on average in the Portland real estate market since 2014. (Portland, in this article, refers to the tri-county metro area of Multnomah, Washington, and Clackamas counties.) The chart below reflects the number of days it took to sell a home in June of each respective year. In 2020 it took an average of 42 days before the seller in Portland accepted an offer from a buyer (then you have an average of 35 days to close the sale).
Portland homes sold fast, an average of 42 days to sell in 2020 and 2019.
Many might expect the average time to sell a home in Portland to be more like 5 days. News reports tend to focus on the sensational and on bidding wars. Homes that sell in the first weekend gather a lion share of the real estate market’s attention, but truth is in the numbers, the raw data.
Our Seller’s Agents Sell Homes Twice as Fast in Portland
In 2019, 116 of our homes sold in the first 30 days on market and 47 sold in the first weekend. Our average time to sell a home in the Portland metro was less than half of 42, our average was 18 days. Check out our pay less and get more home selling program.
Price is King, even in a Seller’s Market
We also averaged 100% of our starting price to our sold price in 2019. This means some homes went over ask in bidding wars, and some were negotiated a little under asking, but in neither case did we miss the market. The reason it averages 42 days to sell a home in Portland is due to the number of home sellers that price their home too high for market, even a seller’s real estate market. Of course there is also the occassional unique home that requires a very particular buyer, and the pool of luxury homes which start out with a smaller buyer pool and in general take longer to sell.
Except for the Wacky 2020 year, Home Selling is Seasonal in Portland.
I’ve been licensed in Portland to sell homes since 2003 and there has never been a stranger year than 2020. However, in all of the other 16 years of my career, the Portland real estate market has followed the same seasonal selling trends each year. There are certain months where is best to buy a home and there are certain months when it is best to sell a home. See our reports on both from 2019 and you’ll get an idea of what to expect in 2021. I do expect 2021 to once again follow seasonal selling norms in Portland, Oregon – throughout the metro (except possibly in downtown PDX itself).
We can help you price your home right, in any market.
#1 home selling team in Portland last three years running. Check out everything we offer sellers here, or give us a call today at 503-714-1111. We’d love to see your home and meet with you, give advice and forecasts specific to your situation.October 9, 2020