Portland Real Estate Market Update- December 2020

The Portland real estate market hit a RECORD LOW of 0.8 months of inventory in December. Insatiable buyer demand has resulted in more new listings this December compared to last December that sold quickly and often above asking price.

Closed Sales increased 26% from the 2,213 closings in December 2019 and increased 1.6% from the 2,745 closings in November. Pending Sales also increased 13.0% from the 1,772 offers accepted in December 2019.

Whether you are a buyer or seller in 2021, there is good news for both sides!

Mortgage rates remain low, supporting homebuyer demand and leading to continued refinance activity. The current 15-Yr FRM is 2.23% and the 30-Yr FRM is 2.79%. Rates are expected to modestly rise in 2021, therefore buyers who are ready to purchase want to take advantage of ideal conditions. Although home prices have steadily increased, homebuyers are finding that the low interest rates are keeping their monthly mortgage payment affordable.

As we head into the final two months of winter, new listings will likely increase as many sellers choose to list their home just before spring. If you’ve considered selling in the near future, there is no better time!  We have strategies such as renting your home back from your buyer for up to 60 days to provide the cushion needed to find your next home. Buyers are out there ready to make a strong offer on your home!

Are you thinking about your real estate goals in 2021 and need help achieving them? Give our team a call at 503-784-9940! We can help assist you by providing professional advice and market knowledge.