By Living Room Realty, January 10, 2020
This month is a huge change from the last 15 months. It is the lowest inventory by far in the last 15 months but with more closed and pending sales than a year ago at the same time. So what? It means there just aren’t a lot of homes for a buyer to see currently. I believe this is because people are waiting to list and we will see a large number of sellers get on the market by March and April. They will want to take advantage of AT LEAST one more great year.
2020 will be HOT, at least until we get closer to the election when people may pause to see how things go. But still, we are in Portland, a city people are flocking to in large numbers. The housing market here will likely not be able to satisfy the demand anytime soon. But, sellers, if you are thinking of selling, this is the year. You should get in front of it and call me now so we can be ready for the Spring. Buyers, notice from this report how the average price and average price per sq ft is bouncing along at roughly the same level. Between that and low interest rates, you should also be hustling to secure your property with a low rate for the next 30 years.
I know I keep saying it is a great time to SELL and to BUY and how that seems like a sales pitch. I’m not selling real estate, I’m guiding people to get them what they want. (I don’t believe you can actually sell real estate. People either want a house or they don’t.) Specifically what I mean is – This has been a window of time like I have not seen in 15 years of doing this where there are substantial benefits to sellers and different, but substantial, benefits to buyers at the same time. The only thing that I know for certain is that this will change. It always does. We will see it tip more in the favor of one or the other at some point. We don’t have a crystal ball so there is no telling who it will benefit or when. But 2020 is great for both so call me and let’s get moving.
January 2020 Portland Real Estate Market Report
December 2019 is a Seller’s market*
Home For Sale in December 2019: 1610 units.
• Down 26% compared to last month
• Down 23.6% compared to last year
Home Closed in December 2019: 904 units.
• Up 3.2% compared to last month
• Up 14.4% compared to last year
Home Placed under Contract in December 2019: 725 units.
• Down 22.5% compared to last month
• Up 20% compared to last year
*Buyer’s market: more than 6 months of inventory based on closed sales
Seller’s market: less than 3 months of inventory based on closed sales
Neutral market: 3 – 6 months of inventory based on closed sales
