2020-06-18 Portland Market Update

We hope you all are safe and happy and are able to get back to a more normal life.

We have good news regarding the real estate market as it continues to response to changing guidelines related to COVID-19.  Check out our video and notes below so see what's going on!

These statistics are for the Portland, Oregon Metro Area excluding Yamhill and Columbia Counties & Mount Hood Area.

PENDING SALES
5/15 – 5/31/19                  5/15 – 5/31/20                 
        1570                                   1592                       Increase of 1.4%
 
6/01 – 6/15/19                  6/01 – 6/15/20
       1310                                   1684                       Increase of 28.5% !!           
 
The Real Estate Market is certainly starting to pick up.

You’re going to hear that Closed Sales are significantly down in the month of May, and that’s true (they are down 34% from May 2019).  BUT that is because the homes closing in May are from those that went Pending in late March and April when the COVID restrictions went into place and caused many buyers and sellers to hold back on their plans.

Days on the Market is down to 38 Days on average.
 
                                         Jan – May 2019                  Jan – May 2020
Average Sale Price           $452,700                              $465,600                              Increase of 2.8%
Median Sale Price             $402,400                              $419,000                              Increase of 4.1%
 
Many times, we are dealing with multiple offers because of the low inventory of homes for sale.

If you, or someone you know, are thinking about making a move, maybe you’ll be working from home more often and need office space, or you want the kids in a new school district, give us a call. 

We are happy to help and never too busy for your referrals!