Portland Real Estate Market Update- May 2020

The real estate market in Portland is rebounding in a big way!  Pending sales were up 52.5% over the month of April.  Although things started to pick back up in April, May was the month that the market took off and is approaching the levels of sales at this time last year.  Pending sales are still down 5.5% from May of 2019, but by the end of June, we expect to be on pace or surpassing sales seen last year.  The low interest rates are really propelling the buyer market.  As more buyers take action on purchasing a home, we are seeing inventory levels decrease.  Homes are selling faster and some with multiple offers pushing the price above asking.  Low inventory will be the biggest challenge to face this year in meeting all of the buyer demand.  Now is a fantastic time to sell your home for top dollar and it can be done quickly and safely!  

Here's a snapshot of current interest rates: