Scouting Report: Vol. 7, Issue 8 - Scout Realty Co.

Scouting Report: Vol. 7, Issue 8

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Scouting Report

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 hard numbers don’t always reflect what we’re feeling and seeing, but the market has slowed a noticeable amount in the last month. Based on years of experience, that’s to be expected. We typically see things take a bit of a pause when Summer starts to transition to Fall. Among other reasons, many families take a moment to focus on the beginning of the school year. Probably even more so this year, since returning to in-person schooling was such an extra big deal. For most of us in the field (agents and buyers) a breather has been very welcome. It gives us all a chance to get a hand on what the coming months are going to be like for the Portland real estate market. Inventory has nudged up a bit, which is good since demand has completely outpaced supply for a long time. Market time has also increased, though it still sits at a crazy-quick 23 days. Average sales prices continue to increase each month in double digits. What has felt a bit like a runaway train is possibly showing signs of trying to balance – and ultimately a bit more balance and predictability will benefit both sellers and buyers. If you’ve been feeling frustrated and overwhelmed, well, first, get in line. And second, don’t give up. We firmly believe there is a house for everyone. We’re happy to help with that! 

Overall Portland Prices:

  • The average sale price in the metro area for 2021 through August was $570,100, a 18.5% increase from this time last year.
  • The median sale price increased by 17.4% to $505,000 in the same comparison.

Interest Rates:

  • Rates hold steady at 2.875% for a 30-year, fixed, conventional with excellent credit. 

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Scout Realty Co. deems all information contained within this report reliable but not guaranteed at the time of posting.