October 2021 - Portland, Oregon Market Update

We are seeing a bit of a leveling off. We are not seeing as many multiple offers or prices shooting up above the list price, although we are still seeing some. We are still in a "lack of supply" driven market with inventory only at 1.1 months.
 
September 2021 vs. August 2021
New Listings:      3,760 vs. 3,698, increase of 1.7%
Pending Sales:   3,170 vs. 3,535, decrease of 10.3%
Closed Sales:      3,167 vs. 3,219, decrease of 1.6%
 
The decrease in pending sales is somewhat seasonal with the slowdown going into the holidays/winter.

With interest rates still very good, in the 3% range, buying power is strengthened because there is less competition forcing buyers to have to offer well over asking price.

It certainly is a case-by-case basis on whether homes are selling at, above or even below list price, but we are starting to see things normalize. We’re not likely to see a true drop-off as buyers who have been discouraged and frustrated by the heavy competition of the market will start to get back in the market looking for homes.

It really is a fabulous time to be buying or selling!

If there is anything that we can do, please don’t hesitate to give us a call. We’re never too busy to help you or anyone you know. And we really appreciate all your business!