Portland Real Estate Market Update- December 2021

December was a record low inventory month with only 0.6 months of inventory!  Fewer listings came on the market this December compared to December of 2020.  New listings in December were down 28.3% from November with pending sales down just 3% causing the inventory to tighten up.  Less inventory continues to drive prices up with a 1.3% average price increase from November to December.  Throughout 2021, the average sales price increased 15.8%. 

January is off to busy start!  With interest rates trending up, buyers are trying to beat the anticipated rate increases in 2022.  Our first listing of 2022 was a gorgeous property and had back to back showings scheduled all weekend long, multiple offers, and the home went pending in 2 days for $111,000 over the asking price.  January activity has brought more listings, more pendings, and more multiple offers. 

If you’re considering buying in 2022, let us help you get to the finish line faster by beginning your home search at www.ArkRealtyGroup.com or reach out to us today at 503-784-9940 or Noah@ArkRealtyGroup.com