Portland Area Monthly Market Update - October 2020

Okay, this month's market numbers are truly shocking. Many of us realtors were hoping for a small recovery as we headed into the fall. But this month's data put out by the RMLS, show quite the opposite. 

Octobers' home inventory is down to 1.1 months. Meaning if no other homes came on the market we would be out of properties to buy in just over a month. 

New listings saw a decrease of 5.9% (3,364), while pending sales saw an increase of 17.3% (3,152), as well as sold homes seeing an increase of 36.8%,  getting us into this situation. 

This further shows that buyer demand is just way higher than homeowners' willingness to sell at this odd time. 

While I share this info to educate and set expectations for what it's like to buy/sell I do not want to discourage anyone from entering the market.

For buyers, I have helped four people in the last few months purchase a home successfully, multiple of which we got for UNDER list price. 

This real estate market is not easy but with the right representation and strategies, it can be done. And it can even be a fun process! 

For those who have been on the fence to sell, while this is a weird time to do so, and we can definitely talk about that, the numbers show, right now is an incredible time to sell, and get a lot of money, quickly for what is most likely your largest asset. 

For more information on today's market watch the video above and/or contact me at 971.361.6114 or lilywyss@kw.com.