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January 2020 Market Stats

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The time has come to once again look back on the market and reflect on how healthy the market has been. January of 2020 was a great month for Portland. Home prices are up 6.3% from January of last year! Despite all the recession rumors, everyone that owns a home is still making money. Interest rates are still insanely low. If you are thinking of buying, do it now before home prices jump up even more. If you want to read more about all the specifics, continue on past the graphic below!

January 2020 Real Estate Market Statistics
What these numbers mean to you

We also saw a significant jump in new listings, pendings, and sold homes. Many people entered the real estate market after the holidays which explains this big jump. While it is good to see homes coming on the market, we are still sitting around only 2.2 months of inventory. If no one else puts their home on the market, every single home will be sold in just over 2 months. As a buyer, this means there will be competition on all those ‘Pinterest perfect’ homes and you should expect multiple offers. As a seller, this means there is almost no competition and as long as you are priced appropriately, you should expect to sell quickly.

Despite this, we surprisingly saw the average days on market climb as well. If you separate this stat out by price point it paints a very different picture. Homes under $500,000 are, on average, selling in 7 days or less. Houses up to $1 million are selling in about 30 days. Homes over $1 million are selling in 60-100 days on average. If you want specifics on how long your home may take to sell, send us a message and we will happily send you some data.

Ready to make a move?

You sometimes hear us say “now is the perfect time to move” but whether you are a buyer or a seller, there are some really strong cases to be made about 2020 being the right year to do it. If you want to look at homes currently on the market you can do so here. If you want an instant evaluation of what your home is worth, you can do so here. Take advantage of the current interest rates to get yourself into a new and amazing home! You’ll be glad you did.

Does our analysis match your perception of the market? How did you feel January of 2020 went? Let us know in the comments!

October Market Stats

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It’s time that we look back on the Portland real estate market and analyze how healthy our market is. Enjoy the market stats!

If you want just a quick and dirty analysis; houses are still selling, they are still gaining value, and the market is still balancing from many years of incredible appreciation. If you want to get a little deeper, keep reading!

Portland Metro Market Stats October 2019

We saw a small uptick in home sales in the month of October. That was very likely due to the interest rate dropping back down. This caused a flurry of buyers to jump into the market and we saw both pending and closed sales jump up from October of last year. We also had quite a few more closings than September which is a sign that the market is holding steady.

New listings, and therefore overall inventory, dropped this past month. We expect this to happen every fall as sellers prefer to sell in the warmer months. Surprisingly, we also saw the total days on market increase. Typically with low inventory we would also see the days on market lower. When we have buyers competing for the same house, things tend to sell faster. I think in this case, buyers are being more cautious about the homes they are buying, so if it isn’t priced perfectly, they move on.

Lastly, and perhaps most importantly, home prices are up 1.2% from last year. While this isn’t the type of gain that we are used to, it’s important to note that the number is still climbing. We expect this trend to continue through the holidays and into next year.

With talk of a looming recession, it’s important to watch these market stats closely. Whether you are thinking of buying or selling, you don’t want to miss your ideal window.

Do you have specific questions about your home or area? Feel free to reach out to us at Team@ThatPortlandLife.com!

Want to know what your home is worth right now? Click Here

July Market Stats

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The statistics for the last month are finally out and we can break down the numbers. As anticipated the market is leveling out throughout the Portland metro. We are still seeing multiple offers in certain markets, but for the most part things are selling for about asking price after sitting on the market for a week or more. If you want the full break down, read below!

We saw slightly less homes come onto the market in July, but this is not surprising as most people believe June is the best month to sell their home. The number of homes to go pending, and the number of homes sold is about the same as last month. This caused our months of inventory to dip slightly because there are still so many buyers in the market.

The average and median sales prices both dropped slightly in July over June, this is likely because Portland as a whole saw things selling closer to list price than it did in the heat of the spring. As we continue to come into a normalizing market we should expect these numbers to continue to drop slightly. This doesn’t mean that homes are losing value, it simply means things are selling closer to what they are truly worth vs. the bidding wars we have seen.

Southeast continues to dominate as the area with the most closings, in part because of its popular neighborhoods and it’s size compared to the other Portland quadrants.

Interest rates are what are primarily driving buyers at the moment, so even though the market may continue to soften, now is actually the best time to buy. Having an interest rate under 4% as opposed to last years interest rate of 4.65% can save you over $200 a month in your payment.

If you are thinking of buying, we would love to talk you though how these numbers specifically can affect you. If you think you might want to sell, we would love to come chat with you! If you want an instant home evaluation you can click here!

Talk to you again soon.

Market Update June 2019

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Our stats are here! The Portland market is still performing incredibly well and is slowing significantly less than we anticipated and actually picking up speed in some areas. I you want the full breakdown, read below!

The Portland market stayed strong through June as we continue into Summer time. Last month we mentioned that June is frequently the time that most people list their homes for sale, and while we saw some great numbers, we actually had fewer homes listed in June that we did in May. The interesting thing is that we saw many more homes go pending than they have in precious months. This means that more people are out shopping than before. If you have been house hunting, you have likely noticed this first hand. We have been experiencing multiple offers on almost all the homes we have been in to see. This also means that average days on market dropped. With more people out hunting, homes are not lasting as long before they go pending.

The average sales price went up in June while the median sales price did not change. The disparity in these changes comes from the fact that we have a denser pricing pool. There have been fewer very low or very high priced homes to affect the median, but home prices are climbing.

All in all, things in Portland are going well and we expect these trends to continue for at least the next couple of months.

If you are thinking of selling or buying, don’t hesitate to reach out and we can discuss how these stats will affect our strategies in the current market!

Market Update May 2019

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May Stats are finally out and we can look back on the past month to reflect on how healthy the Portland market is. The short answer is that we are still in a strong market and homes are still increasing in value! If you want to read about the full breakdown, continue below.

The Portland market continued to pick up through May as we head into Summer time. Historically people believe June is the best month to list their home so we should see even stronger numbers coming out next month, but we had 700 more homes listed in May than we did in April. We also had more homes close and go pending than in April so we are maintaining a healthy balance. Average days on market dropped slightly which is likely due to the home : buyer ratio dropping slightly as well as homes being priced more accurately. We are still seeing homes under the $500,000 range frequently sell in only a few days and often with multiple offers, so be sure to consult your realtor before touring homes or writing an offer.

The average and median sales prices both went up in May, showing a continued appreciation of home values in the area. Many people are reporting that the market is slowing drastically and some people are even calling it a crash. Rest assured that homes that are priced within their market range are selling and still appreciating. We are seeing closer to 5-6% over the year as opposed to the 12-15% we have seen the past couple years. This is good for everyone, we needed the market to slow and stabilize to keep us out of a bubble and that is exactly what is happening.

If you are thinking of selling or buying, don’t hesitate to reach out and we can discuss how these stats will affect our strategies in the current market!