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This past October saw a significant increase in listings, pending sales, and closed sales when compared to both last month and October of last year. But the real story here is that inventory is holding steady for a second month at 1.1 months, meaning that if no new listings were added and every current listing sold at the rate in which Portland homes are currently moving everything would be sold in 1.1 months. It should be noted that this is the lowest number on record. So, yes, number of new listings is up, but they are being completely outpaced by accepted offers and closed sales. All of this amounts to extremely high competition and moves us right back into the seller’s market Portland had been inching away from.
While the market for single family homes is exceeding all expectations, the condo market tells another story. Condos across most price points are moving slowly and inventory well outpaces demand. This segment of the market strongly favors buyers with price reductions and seller concessions becoming the norm.
Overall Portland Prices:
- Average sale price in the metro area for 2020 through October was $489,000 a 6.5% increase from this time last year.
- The median sale price increased by 6.1% to $431,000 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.