Hot off the press & straight to your inbox, a dispatch from the frontlines of the Portland market. Covering real estate numbers, local news, events, & more.
Just when we thought inventory in the Portland Metro Area couldn’t drop anymore, we’ve hit a new all-time low. Last month, inventory decreased to 1 month – the lowest on record. Simply put, if no new listings come on and everything currently on the market is sold Portland would be out of houses in one month. While late winter tends to be a slower time for real estate, in November 2018 and 2019 there were 2.8 months and 2.4 months of inventory respectively. We are in unprecedented times in terms of lack of available housing pushing us solidly into a seller’s market. If you buyers out there wanted to wait until spring to get back into the home search, we wouldn’t hold it against you. Of course, Scouts are always at the ready to answer any questions or to help you see one of those elusive listings.
Condos are another story altogether, as our office wordsmith says, “same shit, different day.” In other words, while active listings are slightly down from last month, the inventory remains robust with few closings and relatively steady prices compared to last month.
Overall Portland Prices:
- Average sale price in the metro area for 2020 through November was $492,000 a 6.9% increase from this time last year.
- The median sale price increased by 6.5% to $438,000 in the same comparison.
- Rates have declined at a low 2.625% for a 30-year, fixed, conventional with excellent credit.
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Scout deems all information contained within this report reliable but not guaranteed at the time of posting.