Portland Real Estate Market Update- November 2020

Today’s market continues to wow us and be far different than trends we have seen in previous years. The Portland real estate market average sales price is now at $521,200. Compared to 2019, this is an increase of 7.1% and is the highest average sales price to date in the Portland Area.

 In November 2020, 5.7% more homes came on the market than usual for this time of year. Normally, we see a “seasonal slowdown” around these months due to Christmas and New Year’s. However, with buyer demand remaining strong and average market price up, sellers that have considered listing their homes are more inclined to do so.

Overall, inventory remains low at one month of supply. Pending sales, up 12.4%, and closed sales, up 25.5%, show that the market continues to be very active as we head into the holiday season. Total market time is also down -31.6% in compared to November 2019. Typically, homes coming on the market during this time tend to have a longer market time. However eager buyers that have been searching for homes over the past few months are quick to make offers on new listings.

Although competition among buyers remains strong in the current market, interest rates continue to hold at record lows. With interest rates remaining below 3%, buyer affordability is better than ever. Low mortgage rates lead to lower monthly payments, so you can purchase more house for your money.

Regardless of the holiday season, now is still a great time to buy or sell. If you have been considering looking for a new home, give us a call today! One of our agents can assist you by providing more market reports and inform you of the process.