Portland, OR Real Estate Market Update - May 2021

Alright, this market is still wild.

See below for a full video analysis of today’s Portland, Oregon Real Estate market.

And a full written version below that!

Inventory is still at 0.8 months, meaning if no new homes came on the market, with current buyer demand that means we would run out of properties in under a month.

Now low inventory of homes does not mean that we are not seeing a rise of homes to the market.

We have actually been seeing a steep rise in new homes to the market, its just that buyer demand is such that new properties are getting picked off the market quickly.

New listings this month are up to 4,065 new homes in April, two months prior there were only 2,474 new homes on the market. So that is almost twice as many new homes to the market!

Both pending sales and sold homes also saw an increase this month with 3,400 homes going under contract and 2,946 homes getting new homeowners.

For future sellers, this shows that while more homes are coming to the market, aka more competition for your home when listed, there is still a huge demand for your home and now is an opportune time to sell. Time is of the essence though, predictions say that now is your best time, as more homes hit the market and as all the buyers who have been extremely motivated to buy but couldn't do so due to covid era conditions, get in to homes, things should start to level out a bit.

And hey future buyers take note of this as well, while we will not see a lowering in home prices, we should see some leveling out of prices, and offer terms necessary to win, as more buyers get into homes and as more properties hit the market.

Have questions or want to chat more about your home selling or buying plan? Contact us HERE.