Where is the Million Dollar Market? Or the Six Million Dollar Market? Only a Lee Majors fan would know.

29 07 2018

steve austin 1

Right now we have the most homes for sale, the greatest number of pending homes and the greatest number of sold homes in the Portland Metro Market’s history.  It is the time to assess your home’s value.

The average days on the market time is down 7.8% from last year and all of the previous years.  This is from the correctly priced homes coming on the market and selling quickly in the luxury market perspective.  They are still selling for less than asking around 96% in June 2018 of listing price though.

So, if you are listed at $2.25M and sell for $90,000 less than that, will you be o.k.?  Is this a big victory after you paid $1.4M ten years ago and made some big improvements and kept it up?

Prices are going down in the luxury market.  This is news most agents won’t tell you.  Why, because no one studies these numbers more than me.  Numbers are a dangerously truthful way at presenting information on the luxury market. The average sales price over $1M has decreased 4% from last year in Portland.

They are still better prices from 4 years ago generally appreciating at a $125,000 per year in four years.Six-Million-Dollar-Man-six-million-dollar-man-659516_290_367

And…inventory is way down.  I mean way down.  18.9% from last year and half of what it was 4 years ago.  That would generally mean a rise in prices, not so in our luxury market.  Under $1M in Portland, Oregon and you are sitting on 2.1 months of inventory and rising prices with it.  Over $1M and the data leans against normal conventions…why?

This is one area where the perplexing low supply and high demand has not driven up prices.  It is a fascinating group which has been playing picky on both sides.

Here is a quick table of the last 15 years of numbers in the Luxury Market

June 2018 (Quarterly)

Homes For Sale in June 2018 (End of Qtr): 587 units.

Up 37.5% compared to last quarter
Up 21.3% compared to last year

Home Closed in June 2018 (Quarterly): 241 units.

Up 95.9% compared to last quarter
Up 27.5% compared to last year

Home Placed under Contract in June 2018 (Quarterly): 264 units.

Up 45.1% compared to last quarter
Up 31.3% compared to last year

 

Up in all categories over 5 and 15 years is the hard evidence.  Yes, the prices are slowing down, but the sales are up!  Take advantage of this market today.  And be glad you are not in Manhattan…which is probably where the hype started.

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