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You’ve found the perfect home, and you’re ready to write an offer. What should that offer look like relative to price? The answer depends largely on the market. In today’s real estate market, we’re not seeing those situations where you can be much - if at all - under the asking price. If it’s a beautiful home in a great area, expect to pay more than asking price.
One of the ways we reiterate this information is our Market Overview Report. This month for Northwest Portland, the report shows a list-to-sales price ratio of 97.7%; so we’re getting 97.7% of asking price with an average sales price of $557,000. There are also 142 homes for sale on the market, with 229 currently pending. That’s 161.3% of the overall market with a 1.37-month level of inventory.
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IF YOU'RE READY TO WRITE AN OFFER, EXPECT TO PAY MORE THAN ASKING PRICE.
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For Northeast Portland, we’re seeing a list-to-sales price ratio of 99.1%. That’s telling you that many homes are selling for well over asking price. There are also 175 homes for sale, with 353 pending in the spring market, so 201% of that whole market is basically pending. And, finally, it shows a month of inventory number of .93 - not even a month’s worth of inventory.
These numbers explain how the market is so explosive right now. We like to use this information we produce monthly to understand the market a bit more specifically from our point of view, which we can then turn around and use to educate our clients. They can then see factually what’s going on in the market and why their offer needs to be strong. If you want to know what’s going on in a different part of Portland than where you live, for instance, it’s a great way to keep your finger on the pulse.
Shoot us an email if you’d like to see this report delivered to your own inbox, and if you have any other questions don’t hesitate to call.
