Portland Real Estate Market Update - February 2020

Does it seem like there aren’t many houses to see or buy…well that’s because inventory is till low! Although there was a huge increase in new listings (116.9%) since December, there was nearly 10% less than January of 2019.  Spring is on its way and inventory is already picking up. We currently have sellers that are prepping to get their homes on the market. The average sale price ($463,00) and median sale price ($406,000) have both increased over  the last year and we expect prices to rise another 1-2 percent this year. 

Sellers – if you are wondering if it’s a good time to sell or just not ready yet, we recommended getting on it sooner than later. Your competition is light right now and we can bring you buyers! We recently received 9 offers on one property on February 23rd!

Buyers – Interest rates are the lowest they’ve been since 2016 and are projected to decrease more. We can get you in touch with a lender to take advantage of low rates.

What does this mean for you? Sellers should contact us to get ahead of the competition that will come with the influx of listings this spring. Buyers should see more inventory hit the market over the next few months and should jump on it before the competition for homes heats up even more.