We decided to compare May 2019 to May 2021 to get a closer comparison against a more “typical” year
rather than comparing the data to 2020, that is skewed due to the issues surrounding the COVID pandemic.
So, keep in mind that there is a two-year gap between these numbers.
MAY 2019 COMPARED TO May 2021
NEW LISTINGS are down 19%, with 4,902 vs 3,971 new homes on the market.
PENDING SALES are up 12.9%, with 3,292 vs 3,717 homes going under contract during the month. (Sellers who have accepted offers but have not closed yet).
CLOSED SALES are up 7.1%, with 2,969 vs 3,183 home closing escrow during the month.
AVERAGE SALES PRICE: 2019 vs 2021
$471,200 vs $582,200, or a 23.5% increase
MEDIAN SALES PRICE: 2019 vs 2021
$420,000 vs $515,000, or a 22.6% increase
MONTHS OF INVENTORY
At the end of May 2021, we have another RECORD low inventory at 0.7 months. This means that if we don’t put any more homes on the market to sell, it would take us just 3 weeks to sell everything in Portland. By comparison May of 2019 inventory was 2.1.
We are in a lack of supply driven market. We have much more demand than houses for sale, plus very low interest rates. It is not uncommon to have multiple offers on homes for sale, so homes are often going for more than asking price.
It is a great time to be selling. It is a little tougher to buy, but we have great strategies that have been successful in helping buyers get into homes they want.
If there is anything that we can do for you, please give us a shout! We are here to help however we can. If you are looking to make a move, or you know someone who is, we would love the referral.
We hope everyone continues has a better 2021.
Below are the latest Real Estate market statistics for Portland and the Surrounding Areas for the full month of May 2021. Click on the image below to see the full seven page detailed report.
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Portland Metro News
Come here to get updates on local real estate market information, community events, and helpful tips for homeownership in the Portland, OR region.