Portland Real Estate Market Update- September 2021

Home inventory is UP!  So, it’s not up significantly from September to August, but it’s the highest that it’s been since October of 2020 and has been rising slowly but surely each month since May when it hit a record low.  More new listings are hitting the market and they’re not being snapped up as fast or with as many offers as they were back in the spring.  Although some hot properties and locations are still seeing several offers, most listings are receiving two offers on average in the last month.  The average price point has also been decreasing slightly by 2.1% in September compared to August (see the graph below for a historical trend).  The slight cooling of prices coincides with the demand cooling off.  

For buyers who tapped out earlier this year or for sellers who were trying to figure out how they could secure their next home without moving twice, this winter could be the opportunity you’ve been waiting for!  It’s much easier now make a move without the fast pace, bidding wars, and uncertainty we saw earlier this year.  We have even been able to get some contingent offers accepted for our sellers who are nervous about putting their home on the market and then hoping to find the perfect home within a certain time frame.  Contingent offers starting to come back is a great opportunity for sellers to take advantage of and is a healthy sign of the market rebalancing.  If you’re wondering what a contingent offer is, it’s an offer that is made by a prospective home buyer to a seller with conditions attached, such as the successful close of the buyer’s current home, that must be met before the sale can be completed. If the criteria is not met, the buyers are entitled to a refund of their earnest money.  Call Noah Kragerud at 503-784-9940 to talk about selling your home and what a contingent offer would look like!