If I put my home up for sale, how long will it take? The average for Portland metro is 72 days. Below is a breakdown:
DOM - Area
56 – Northeast Portland
56 – SE Portland
57 – North Portland
60 – Beaverton, Aloha
69 – Lake Oswego, West Linn
71 – Milwaukie, Clackamas, Happy Valley
74 – Northwest Washington County
76 – Tigard, Tualatin, Sherwood, Wilsonville
77 – West Portland
83 – Oregon City, Canby
84 – Gresham, Troutdale
87 – Hillsboro, Forest Grove
P.S. Last month, a blog reader called me to discuss the average market times because his properties were taking longer than the average. Keep in mind, these are averages only- and that the true average is probably a bit higher because I’m sure some re-listing (canceling the listing and re-listing the same property with a new MLS number to make it look new to the market) is taking place.
Thursday, August 21, 2008
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4 comments:
I'm willing to bet the relisting tactic is much higher. I've been shopping for houses and three different places I've been looking at are currently ~20 days.
But, all three of those houses have been for sale for closer to 90 days. Their prices have all dropped an average of $20k.
Rick, relisting properties in the RMLS is definitely a common tactic, especially in a slower market. Why? Because it works to a certain extent. I had a buyer contact me the other day about a "new" house for sale in Beaverton. I researched the history and it had been on the market since October 2007, but looked new because of the new RMLS number.
I enjoy following your Portland real estate blog. The Bend Oregon real estate market continues to be slow. It looks like a good time to buy in your area.
Given that approx 35% of listings expire each month per RMLS, it would be a more accurate statement to say that you have a 1 in 3 chance your house will not sell under it's current contract, but if it is PRICED RIGHT FOR THIS MARKET you will sell on average X number of days.
Sure wish RMLS would adopt the cumulative DOM system to give buyers the facts.
BTW, Mr. Del Cid, I saw your Ladd's listing on Craigslist. Do you take your own pictures? I have to say you offer some of the best pictures of your listings in the area. Nice work.
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