September 2020 Residential Review: Portland Metro

COVID-19 and the continued lowering of interest rates have ushered in a delayed buying season. Typically, we see buyers knocking on doors in the spring and summer months. However, we are now seeing buying into the fall season.

The delay, low-interest rates, AND low inventory is creating fierce competitive buying situations as well as more pending sales when viewed year over year. The average days on market has dropped to 38 days, an exceptionally low number for this time of year.  

Here are the facts and figures:

-         New listings have decreased 5.9% year over year

-         New listings have decreased by 16.0% from August 2020 to September 2020

-         Pending sales have increased 17.3% year over year

-         Closed sales increased 36.8% year over year

-         Inventory decreased to 1.1 months in September

*This is the lowest inventory measured in over 3 years

Comparing the first nine months of 2020 to the first nine months in 2019

-         New listings have decreased by 9.6%

-         Pending sales increased by 5.5%

-         Closed sales increased by 2.8%

-         The median sale price has increased by 5.7% from $410,000 to $433,500

Take-aways for buyers:

-         Now, more than ever, you need to be pre-approved when you come to the offer table

-         Consider shortening inspection periods in order to make offers more attractive to sellers

-         Be prompt when new properties come to the market

-         Have conversations with your agent concerning wants/needs and financing in order to be swift

Take-aways for sellers:

-         This is a fantastic time to sell your property

-         Be aware of similar properties on the market, pending, and recently sold that are close in proximity to your property

-         Price aggressively in your favor