Jul 14

Jul 14 Portland, Oregon Real Estate Market Update - June 2021

So right off the bat, I will let you know inventory of homes has taken another hit with only 0.7 months. BUT while this means we are still in an increasingly heavy seller's market it does not mean the market is not seeing some shifts.

For sellers, we have noticed that pricing a home strategically has become ever important. While homes that have been listed a bit too high would still find buyers by the end of the weekend a few months ago, right now we are not seeing the same scenario. Even in competitive markets, we are seeing overpriced homes sit on the market for 7-30 days.

Meaning if you are planning to sell, it's important to have a strategy meeting with your realtor to discuss what list price (not your ideal sales price) will get you the most amount of buyers, activity, and offers, to get you to your ideal sales price.

What does this mean for buyers? It means that the deals are out there for you. Find those homes that have been sitting a little bit longer, or I will do so as your realtor, and go take a look and see if there's a gem that's been hiding out of sight.

It also means that while inventory has decreased, it does not mean the number of homes to the market has decreased by any means. With 3,971 new homes to the market last month, a huge improvement from the beginning of the years, a dismal 1,740 new homes in January, some hope for buyers is in sight and some great opportunities are already being found.

There is just a huge demand from buyers, which means you have to be super clear, based on the particular market you are in, on what homes are within range, and if you can compete against the other buyers vying for those homes. And if not, how can we augment your search to find a house that is exactly what you want AND is also attainable. It may require some flexibility but getting into the market and buying your piece of the pie, in order to gain equity for the long term is a worthy advantage to fight for. Showing this high demand from buyers, pending sales saw an increase of 9% with 3,717 homes going under contract, and closed sales seeing an increase of 8% with 3,183 homes getting new homeowners.

As both a seller or buyer it’s important you are properly prepped for this market. Our team is here to help.