Looking at the November 2020 Real Estate market update in Portland Oregon, you would think it was mid-summer. Sales were still very robust through October and the total inventory of homes for sale during the month is the same as October at 1.1 months of remaining inventory. That is a record low along with last month. Along with that, we are seeing average and median sales price increases of 6.5% and 6.1% Year to Date. It looks like this will continue through the end of 2020.
Normally our peak prices on the multi-year graph are at the end of June. July-December is typically flat to slightly downward in prices as the heat of the market tapers off in a normal year. This year that did not happen. We saw little price movement in the COVID 2nd quarter but the jump that came in the 3rd quarter and is continuing. End of the year bargain hunting is not going to happen this year for investors, but for sellers, there is still time to get a home sold this year and be ready to buy when inventory starts to pick up in January. Many sellers will be waiting and putting their house on the market around January 8th, the first full non-holiday weekend of 2021. That feels so good to type that “1”.
3 Centerpointe Dr, Suite 260
Lake Oswego, OR 97035