The latest market report says what we already know: There is a huge demand for inventory. Portland and suburbs need more homes for sale! That, coupled with stunningly low interest rates, is keeping the greater Portland area real estate market very strong. The end result is that even though July listings were up 15.8% from June, the inventory rate went *down* to just 1.2 months. This is great for sellers, challenging for buyers. If you're planning to do both, there are ways to manage it. Let's talk!
Here are a couple of other items to note:
- Not every home gets multiple offers. Buyers have a discerning eye. If the home needs a lot of maintenance, is in a quirky location, or has had a sale fail, the house can potentially sit on the market.
- Year-to-date pending sales have increased only .7%. This again shows a need for new listings, as the number of pending sales is limited by the low number of listings.
- Year-over-year median sales price increased by 5%, which is greater than the 2 to 3% predicted by many economists going in to 2020, but far from becoming the out of control market of 2006/7.
- The recent unrest in Portland coupled with continued covid related restrictions may have an effect on the movement patterns of Portland homeowners, impacting the housing market. For now, it's speculative and we're not yet seeing any tangible impact.
If you'd like to explore the possibility of adding your home to the market, give me a call and I can help you navigate your move. With these interest rates and buyer demand, now might be the right time, even if finding your next home is a challenge.
All the best,
Amy