How Many Days to Sell a Home in 2021?
In case you haven’t already heard, 2021 is a great year to sell a home in the Portland real estate market! But just in case you’ve been living under a real estate rock, here’s a quick catch up. Inventory has been hovering at a notorious low, because homes are selling faster than new listings come up. Now, typically the real estate market starts slowing by late summer and continues to cool off into the fall and winter months. So what we’re looking at below (RMLS report), covering through the end of June 2021, should represent the fastest time of year to sell a home:
As you can see, the ratio of active listings to sold properties dipped below 1 to 1 in December of 2020. Since then, we’ve been struggling to stay above water. We’re seeing more homes come on the market at the moment, but unrelenting demand has driven prices up and day on the market down.
What does this mean if you’re selling, though? Theoretically, it’s good news: the ball is in your court. That being said, selling a home will always be a journey. We’re here to make that journey less arduous.
How Many Days to Sell a Portland Home Now?
Even if you hadn’t heard, we’re now up to speed on the hot seller’s market. So let’s settle the big question on everyone’s mind right away. How fast are homes selling?
The short answer is pretty darn fast. Over the past month (June into July 2021), the average number of days on the market for detached homes in Portland proper fell to only 13. That means it took 13 days on market on average before the seller accepted an offer. Typically in our area it takes another 40 days on average to close, so if you include closing, the average day from going on the market until sold is 53, with 13 of those days being active on the real estate market. So right now, the average Portland home sells after less than two weeks on the market! Even back in 2016, which was a boom year for Portland real estate, the average DOM still sat at 32, being a little faster than that in the spring and a little slower in the fall.
These numbers are pretty revealing, beating out other hot real estate market years. For example, back in June of 2016, 80% of homes in the Portland metro area sold after less than 30 days on the market. Today? That number rose to 89%. That’s up from 66.5% at this time last year (which of course was due to the pandemic). When nearly nine out of every ten sold homes went pending within a month, call us impressed.
Portland Suburbs in High Demand
The demand for single family housing doesn’t stop at Portland’s borders. The suburbs saw some of the lowest average numbers of days on the market this past month.
|Area||Number of Homes Sold||Average Days on Market|
|Lake Oswego/West Linn||69||11|
Three suburbs of Portland – Gresham/Troutdale, Tigard, and Hillsboro – clocked in the single digits for average DOM. Tigard and Hillsboro also proved popular and prolific, nearing 200 sales in the past month. The combination certainly spells high demand.
All in all for the Portland metro area, you’re looking at homes selling at an average pace of one to two weeks. But keep in mind, these numbers only apply to detached housing. So where do condos stand?
Portland Condos Selling Fast Too – In the ‘Burbs at Least
We’ve been harping on the poor performance of condos in the Portland real estate market since the beginning of the year. It’s good news for buyers who are looking for an affordable option, but not so good news for sellers. In recent months, though, the market has seemed to heat up. And our latest RMLS numbers prove that to be true – for the suburbs anyway.
The average days on the market for condos in Portland suburbs ranged from 7 to 21 this past month, mostly on the lower end. But once you look at Portland proper, the number jumps up to 34. Still respectable! But it’s clear that condos in the city are having a harder time selling than those (likely more affordable) ones in the suburbs. This also isn’t looking even more specifically at downtown Portland where we know they are selling a little slower still.
So Portland Homes Are Selling Fast – That Means Mine Should Too, Right?
Yes, right now is a great time to sell. But before anyone starts counting their chickens, let’s check in with reality. Most sellers want to overprice their homes, the pull of the potential money coming in proving too strong. Often, sellers overvalue their homes up to 8%, not a small amount. There are many reasons for this – Zillow’s misleading Zestimate comes to mind – but the fact is, just because homes are selling quickly doesn’t mean your home selling process will automatically be a one and done home run.
First of all, putting your house on the market entails multiple steps. It’s not as simple as putting up a for sale sign, so don’t let these numbers fool you into thinking you’ll be done with the job in under a week. Second, you’re biased when it comes to your home – you bought it for a reason, didn’t you? That doesn’t mean everyone else will love it as much as you do.
Steps to Sell a Home Faster and for More
- Don’t Overshoot Your List Price. It can become tempting to think, “Hey, it’s a seller’s market, right? Time to cash in!” We advise a little caution on that account. Our expertise and experience tells us you can actually sell your home for more by not overpricing it. You’re more likely to get multiple offers more quickly (dependent on your exact location and type of house).
- Plan Ahead for Repairs and Preparation. Homes that tend to sit on the market often have issues that scare off buyers. You want to get things in order first, from radon testing to roof repairs.. But many homeowners spend the summer months taking up tasks they’ve procrastinated on. Plan ahead for any preparations your home needs so you can list it during the best time to sell a home.
- Choose an Experienced, Dedicated Sellers Agent. Sellers agent specialists are focused, ready, and available to take charge of your home’s multiple offer situation and advise you every step of the way. Real estate agents that represent both buyers and sellers are often too busy driving around showing their buyers homes to negotiate well on your behalf. Our top 1% seller’s agents charge 4.5% commission max. and are veteran home selling experts.