Portland Real Estate Market Update- June 2020

The Portland area real estate market continues to rebound in Pending sales!  Low interest rates are driving up buyer demand significantly and have downplayed concerns over the effects of COVID on the real estate market.  New inventory of homes for sale hasn't matched the buyer demand and inventory continues to drop to a low 1.5 months of inventory in June. This makes it the slimmest inventory for buyers to choose from in over three years causing homes to fly off the market quickly and often with multiple offers.  Homes continue to appreciate at a sustainable 2.5% per year and with such low inventory, we expect home prices to continue to rise at a similar pace. Overall, home sales have nearly rebounded to the same level as June of 2019 and may pass last year in July.  If you are considering selling, now is a great time!  Ask us about our strategies for navigating the timing of getting your offer accepted on a new home and your home sold in a fast moving market.

Interest rates have reached 30 year lows and aren't expected to drop much more, if at all.  While we don't have a crystal ball, history has shown us that interest rates may go up after the November elections, so don't delay on your plans to purchase or refinance your home.  Here's a snapshot of rates today (slightly lower than one month ago):