2020-07-16 Portland Market Update

We hope you all are healthy and managing well with the current restrictions.
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We have more good news regarding the real estate market as it continues to respond to the changing guidelines related to COVID-19. Check out our video below to see what's going on!  ​

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

Closed Sales
June 2019:  2,756 
May 2020:  1,963
June 2020:  2,709 - Down 1.7% from June 2019, but up 38% from last month!
 
Pending Sales
6/16 – 6/30/20: 1,506     6/16 – 6/30/19: 1,327
7/01 – 7/15/20: 1,624     7/01 – 7/15/19: 1,204
Period Total 2020: 3,130   vs   Period Total 2019: 2,531
Shows an Increase of 23.7% in 2020 vs 2019
 
                                          Jan – June 2019                 Jan – June 2020
Average Sale Price           $456,700                              $468,500                              Increase of 2.6%
Median Sale Price             $407,000                              $423,000                              Increase of 3.9%
 
Sentrilock Lockbox Activity has been very strong.
Normally about 25,000 per week this time of year, has been at roughly 23,000 per week the last few weeks which is considerably higher than the 10 – 11,000 at the beginning of the pandemic.
 
The fundamental reasons for people to buy or sell hasn’t changed, and rates are still very low.

• Moving school districts
• Needing a home office
• Upsizing / Downsizing

 
The market is very strong, which seem counter intuitive!

If there is anything that we can do for you, please don’t hesitate to call!

If we can ask a favor, if you know anyone thinking about buying or selling, but they’re not sure about the timing, give us a call. We’ll take great care of them, go through the process with them, and see what’s best for them.

​Until next time, thank you and stay well!