Portland Real Estate Update August 2020
With the second heatwave of the year in Portland this week we are reminded of why buying a home with AC is a good idea. Fortunately for those that don’t have the wonderful central system, this only lasts a few days before “Oregon’s Refrigerator” (The Pacific Ocean) pushes the heat out of the western valleys and we get back to those ideal temperatures of 75-85 in the day time. What is not cooling off is the Portland Real Estate Market. We hit an inventory level of 1.2 Months at the end of July. That’s the lowest number I can find looking back in time to 1999 when RMLS first started tracking that statistic. (Months of Inventory is the rate at which the homes for sale are being sold). The next lowest number is 1.3 in March 2016, and 1.5 in June of 2005. Those were the hottest months of the last two big surges in home sales. After our mini 2-year slowing we are back to levels not seen in 4 years.
People are voting with their money that Portland is still one of the best places in the country to live and work. And now that more and more knowledge workers are working from home, we are seeing an increase in people moving out of other cities to Portland for the livability of our great Northwest. If you are ready to sell and move up or move down or off to another part of the country, we are here to consult and help you get the most for your home. If you can let us know your plans well in advance of when you want to move, we can maximize the help we can provide. All that upfront consulting and advice is free. That’s a great deal, right? Hope to talk to you soon.