Apr 22

Apr 22 Portland, Oregon Real Estate Market Update - April 2021

Some good news for buyers... new listings are up 40%!

With 3,465 new homes to the market in March.

That being said inventory of homes took a hit with a drop back to 0.8 months. Showing that seller motivation to sell is on the rise, but is matched by continued buyer demand.

Pending sales increased 42%, with 3,346 homes under contract.

Sold homes also saw an increase of 8.5% with 2,556 homes closing in March.

The average sales price rose again to $538,200.

Days on market decreased from 42 days to 37 days.

If you are planning to sell, seeing that a significant increase in properties to the market still leaves us with less than a month of inventory shows that there is still a huge demand for your home.

For buyers, while seeing a decrease in inventory is not the best news, seeing such a high rise in new homes to the market is a great sign for the future. The biggest deterrent to our market gaining some equanimity in the last year was sellers being unwilling to sell during the pandemic, so seeing sellers becoming more comfortable and motivated is a really great sign.

Anecdotally I can say we have seen an even greater increase of new homes to the market in the first few weeks of April here as well. So while it still may take a little work and strategy your dream home is out there and attainable.

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.