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.
The Portland real estate market has been on the same trajectory for months. In a nutshell, new listings are down while pending and closed sales are up. For context, our inventory for September is 1.1 months. Compare that to 2.8 months in 2019 and 3.1 months back in 2018. At no time in the past 3 years have there been so few houses on the market. There is simply not enough supply to meet the demand, which has popped up right back into a strong seller’s market. The average sales price is up 5.7% when compared to this time last year. And the average time on the market is 38 days… This is astounding, considering that a typical transaction from accepted offer to closing happens in about 30 days! Of course, all of this competition and fast paced movement applies specifically to single-family homes. All of that being said, the condo market in Portland has a much different story to tell. The local condo market is, in a word, saturated. Since January, the number of new condo listings has steadily increased each month, with nearly 900 condos currently on the market. This is just about on par with the numbers from this time last year. The number of condo sales has bounced around between 200-300 each month for 2020. The numbers are consistent, but not strong. The current average sales price sits at about $319,000, which is weaker than it was two years ago. Average days on market for Portland condos clocks in at 42 days. So what does it mean? People want single family houses right now. But, there’s always a flip side to everything. For those empty-nesters, downsizers, or if you’re just looking for condo living out there, you just might find the perfect place for a great price. Scout agents can help you synthesize all of this. Have questions? Get in touch!
Overall Portland Prices:
- Average sale price in the metro area compared to the previous 12 months was $485,200, a 5.1% increase from this time last year.
- The median sale price increased by 5.7% to $428,000 in the same comparison.
- Rates have remained at a low 2.75% 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.