Portland Real Estate Market Update- January 2021

Closed and Pending Sales continue to increase as home buyer demand remains STEADY AND STRONG!

At the end of last April, mortgage rates began trending down and reached record lows by the beginning of August. Sitting below 3.0%, many people took advantage of these historic rates to purchase their first home, a new home, or refinance their current home. Today rates are now below 2.8% and 2021 is looking to be another great year for home buyers.

Planning on selling this year? There is GREAT news for you as well.

Inventory is quickly being sold after a short time on the market and often for above asking price. The average sales price has increased 11.2% compared to January 2020 and continues to rise. As mortgage rates decreased over the last several months, there was a significant decline in inventory as buyer demand was leaving fewer homes on the market. Even with new listings increasing 48.2% from December 2020, there is currently only 1 month of inventory available.

Before new listings begin to increase as we head closer to springtime, now could be the best time to sell your home! If you are looking to get the most for your property, listing before inventory begins to rise will ensure your home receives the best possible offer.

Looking ahead to the rest of 2021, we are optimistic about the direction the market is moving. Whether you are a buyer or seller, the market conditions can benefit you if you navigate it correctly. If you have any questions and need help with your home this year, please do not hesitate to reach out to our team. We can advise and help you reach your real estate goals!