Times have certainly changed, but buyers and sellers continue to prosper in our real estate market. Here’s why.
Our good friends at The Oregonian have recently reported that despite the business losses and increased unemployment during the pandemic, homes are still being listed for sale, toured, inspected, appraised, and sold. As someone who has their boots on the ground in our real estate market today, I can confirm their reports.
Sellers at almost all levels continue to profit from the fact that Oregon has the largest housing shortage in the nation, according to Freddie Mac’s Insight Reports. Buyers who haven’t lost their income and have good debt-to-income ratios are cashing in on historically low interest rates for mortgages. Here’s a look at the residential real estate market in Oregon according to the latest figures released by our MLS.
Portland reported a 1% decrease in new listings in March 2020 compared to March 2019. At the same time, there was a 25.7% increase in available listings from February 2020. Pending sales decreased by 14.3% from March 2019 and fell 9.7% from February 2020.
This shows that fewer buyers are in the market right now due to the pandemic, which is to be expected.
Closed sales rose 7.9% compared to March 2019 and rose 24% from February 2020. Inventory has decreased slightly to 1.8 months of homes available right now. That’s an incredibly low level.
The average days on market for a home seller right now is 61 days and the average sales price has increased 4.1% compared to this time last year, from $443,500 to $461,600. In the same comparison, the median sales price has increased by 5.1%, from $395,000 to $415,000.
If you have any questions for me about your neighborhood values, your particular situation, or real estate in general, don’t hesitate to reach out via phone email. I look forward to hearing from you.