Portland, OR Real Estate Market Update - January 2021

Inventory of homes took another dive this month. Going down from 1 month to 0.8 months. Meaning if no new homes came on the market we would run out of homes in UNDER one month (.8 to be exact).

We are hoping that we are on the short track to a market recovery, with more and more positive vaccine news and with the weather warming up we should see a wave of sellers who may have held off in 2020 begin to list their homes in 2021.

New listings saw an increase when compared to the year prior (37%), but saw a decrease when comparing November 2020 to December 2020 (22%). It should also be noted that December is typically a time when you see a decrease in listings due to the cold season and the holidays

Sold homes saw an increase in both year to year stats (26%) and November to December stats (1.6%). Though with pending sales, homes that went under contract saw an increase when compared to December 2019 (13%), yet saw a decrease in activity when compared month to month (21%). This shows that the intense sellers market has continued to create demand but maybe has left a large portion of buyers without options and disheartened.

Average sales price also saw an increase from $459,200 to $494,000 when compared from end of 2019 to end of 2020. If you have been thinking of selling, now is the time. The market will most likely never be this much in your favor ever again.

If you are a buyer it means you need to have a solid plan in place, and the right assistance, to get you your dream home. Meaning a solid pre-approval letter from a reputable loan officer, a great realtor that you have had in depth conversations with about your wants, strategy, expectations, the necessary steps, and you’ll need to have a whole lot of flexibility.

If you have any questions or plan to buy/sell in 2021 I am here to help.

You can contact us here: Contact Sheet