Here are the latest numbers and my take on the Portland real estate market.
The Portland MLS just released their August 2021 market numbers, and I wanted to break down some of the key statistics for you today.
First, we have just one month of inventory. This means that with no new listings, it would take one month to sell everything that’s listed. While this is an incredibly low number, it’s up from the last few months. We had 0.7 months in June and 0.8 months in July. If you’re a seller, it’s still a great time to sell because there’s very little competition and very high demand.
The average home price for August 2021 was $583,600. This is up 16.2% from August 2020. The median price is up 14.2% year over year.
If you’re a buyer, my message is of promise and hope. You’re still going to see multiple offers out there right now, but it’s getting better slightly each month. Some weekends this summer, we might have seen 10 offers on a property, but now we are seeing just three or four. The market is trending towards buyers.
If you have any questions about buying, selling, or anything else related to real estate, don’t hesitate to reach out via phone or email. I would love to hear from you and discuss your situation.
