Portland Area Monthly Market Update - September 2020
While this market has been in no way typical the last seven months or so, one year to year trend that did seem to stay true to form was a slow August.
Summer often gets the reputation as the hottest time in real estate, August typically sees a slowdown. Everyone is getting in their last vacation before school starts, work starts to pick up and the weather cools down, and therefore are less focused on moving. And while the reasons may vary this year this trend still rings true.
Active listings saw a decrease of 8.3% with 3,885 new homes to the market and an inventory of 1.3 (just slightly higher than the month prior). Meaning, while meeting current buyer demand, if we were to have no new homes come on the market we would be out of properties in just 1.3 months.
Sold homes saw a decrease of 7.1% with 3,149 homes sold. And pending sales only saw a nominal increase of 1.1 % with 3,697 homes going under contract.
Though I will note that compared to 2019 activity saw an increase across the board.
With little change to the inventory of homes, we are still in an extreme seller's market. Buyer demand still remains high and competition on active listings is fierce.
If you are at all interested in selling, now is the time. As I mentioned demand for homes is high, and even though it is a weird time to sell the good news is your home is likely to sell quick, within days, and with multiple offers.
For buyers, if you are interested in a particular location/price range I would be happy to give you a personalized report to see what options are available.
If you happen to be looking for homes in a competitive price range or location there are still great opportunities and strategies to be used to find you that dream home that will also appreciate in value. If you would like to have a conversation about how to win in this market I would be happy to talk further on that.
For more information on today's market watch the video above and/or contact me at 971.361.6114 or lilywyss@kw.com.
