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.
It’s fair to say that COVID-19 has and will continue to impact real estate markets all over the world for some time to come. Here in the Portland metro area, we weren’t sure what to expect but we can safely share the market is not dead. While we did see a significant drop in all areas (listings, pending and closed sales) in the month of March, the numbers are rebounding steadily as April turns to May. Probably the most telling way to sense current trends is to compare what is happening in the Spring market this year to last. The number of new listings has decreased by 32%, pending sales decreased 34%, closed sales decreased 16%. Keep in mind that this time of year is usually very robust for this industry. Interestingly, so far both the median and average sales price continue to rise (scarcity at work). So, what does this mean? Well, if you thought that a global pandemic was your chance to walk away with a screaming deal on a house in Portland, your plan may be flawed. Fewer homeowners are listing their homes and fewer potential buyers are visiting homes, but good houses are still seeing stiff competition. Our advice? If you feel comfortable waiting to either buy or sell, do that. If you feel comfortable out in the world or moving? Do that. Our Scouts are currently working hard in as safe a manner as possible, but we will also still be here when this crisis ebbs. Regardless, be safe out there, and take care of yourselves and your community.
Overall Portland Prices:
- Average sale price in the metro area for 2020 – through April was $477,400, a 4.3% increase from this time last year.
- The median sale price increased by 3.8% to $415,000 in the year to date comparison.
- Rates have declined slightly to 3.125% 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.