Portland Real Estate Market Update - January 2020

It's a new year! Stats are in from December 2019 and look very different than 2018. December had the lowest inventory by far, but with more closed and pending sales than a year ago. This means there wasn’t many homes for a buyer to see. There was only 1,270 new listings for buyer to see in December, which was a whopping 40% less than the month prior. This is likely because sellers waited (and are still waiting) to list until after the holidays, which is pretty typical for this time of year. We are expecting to see an increase in sellers in early spring.  

Many people are still moving to the Portland metro area and the housing market may not be able to meet the demand. If you have been thinking about selling, then 2020 is the year to sell! Call us to get in front of the competition and influx of listings we are predicting to see this spring.

Buyers should notice that the average sale price ($425,200) and median sale price ($405,000) has stayed roughly at the same level with only a slight increase. Between that and the trend of low interest rates over the past year, you should also try to secure your property at a low rate for the next 30 years.

Based on what we’ve seen over the past year, we predict that 2020 will be hot for both sellers and buyers. If you have been thinking about making moves, 2020 is should be a great year to do so!