We finished out 2019 with a bang. Despite all the talk about an impending recession, the real estate market was barely affected. If you look back at the data historically, very few recessions do affect the housing market. This is good news for the Portland Metro! Here is a look at the December Market Stats.
If we look back at the whole year, we only appreciated by 1.5%. This is a small number when we are used to seeing 10-15% appreciation, but as long as things are continuing to climb, we are in a good place. 2020 is expected to mimic 2019 very closely so while things may seem like they have halted, homes are still gaining value.
In December home sales took a little longer than they had the rest of the year. This happens every year with the holidays and seasonal slowing, but so far January has seemed to be much busier.
December also saw more listings come onto the market and more homes go pending. We did have less homes actually sell in December, but again, this is likely due to the holidays.
We also broke down the numbers for each of the quadrants if you want a closer look at your neighborhood numbers. Se Portland is still leading the way with the most closings every month. West Portland continues to be the most expensive area to buy a home, and N Portland is the most affordable.
If you have been on the fence about buying, now is a really good time to get into the market. You can get ahead of the bidding wars and spring selling frenzy while still taking advantage of the low interest rates.
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If you are interested in looking at the homes on the market, or you want to know what your home is worth, just click the buttons below! We will talk to you again next month!