Housing Market Update - Finally Seeing an Upward Trend

Housing Market Update - Finally Seeing an Upward Trend

After over a year of slower sales activity in the local housing market, we are finally starting to see some encouraging signs of a rebound. Based on the latest data, the number of pending sales and recently closed transactions is ticking upwards compared to the same period last year.

Currently in the Pearl District (97209), there are 26 properties under contract and another 8 that have sold in March. While this may not seem like a huge number, it does represent an improvement over last March when only 23 total sales closed.

The past 12 months have been challenging, with just 267 total sales recorded. This pales in comparison to the prior 12-month window that saw a much higher volume of 415 transactions. However, the tide finally appears to be turning in a more positive direction.

As a data-driven real estate professional, I have been carefully monitoring trends to identify an ideal time for clients to list their properties.

I have proprietary search tools set up to continually track contract and sale prices. As market conditions potentially shift in the coming weeks and months, I will be closely watching and will notify clients of any developments that could impact pricing strategy.

The real estate market is cyclical by nature, and it's encouraging to finally see the start of an upward trend after a prolonged slump. Time will tell if this momentum continues building, but all signs are currently pointing towards a housing market rebound.

Michelle Mendola PDX Pearl Realtor Portland, Oregon 97209