Portland Area Monthly Market Update - March 2021

So it's been the topic of discussion for a while here, especially with buyers, inventory of homes to the market! 

It's staying steady at 1 month, though later in this report I will discuss different factors that could lead to a rise in inventory. 

We actually saw a decrease of 4% in new listings from January which isn’t a great sign for the market recovery we are hoping for, but February is a typically slower month in any market. 

Pending sales also saw a decrease of 11% while sold homes saw an increase of 7%. 

Total market time saw a decrease of two days from 44 days to 42. 

When looking year to year, the average sales price has continued to steadily rise, going from $460,200 in February of 2020 to $528,500 in February 2021. 

Showing that while this market has been truly unique, normal market trends still apply. If you are a homeowner, even in the toughest financial markets you likely will still see an increase in your property value. 

In regards to inventory of homes, as I mentioned above, there is some hope for you buyers. 

Possible circumstances that could lead to more homes coming to the market include:

Baby Boomers who make up a large portion of homeowners are set to get their vaccines or are already getting them, meaning the portion who were wanting to sell in order to downsize, retire, move elsewhere, pre-pandemic, will hopefully feel more comfortable selling here soon. 

Investors could see just how advantageous this market is for sellers, and this could potentially lead some of them to unload properties. 

Mortgage forbearance relief is set to end sometime after June. So some homeowners may be motivated to sell before they end up unable to pay their mortgage and therefore go into forbearance and the dreaded foreclosure. 

We could also see a rise in foreclosures, though most experts say to not expect this, as the current financial crisis is quite different than the one in 2008. For a video explaining this, watch here. 

If you are considering selling, due to the factors mentioned above, and a few others we can discuss, there is no time like the present to sell. As more homes to the market often means more competition. 

This is an odd market for both buyers and sellers so if you have any questions or want to talk it out further I am here to chat.

Contact us HERE