Portland Real Estate Market Analysis for December 2021
Here at Peak Realty, we are dedicated to walking with you through your real estate journey and helping in all the ways we can. To help our clients stay informed about the real estate market in Portland, we have put together some stats from last month that we think are important to note and understand. Check out the below detailed Portland real estate market update for December 2021.
The residential market has witnessed an 8.1% decrease in new listings over the one year from December 2020 to December 2021. There has also been a 28.3% decrease in listings from the past month. It is an indication that the willingness of homeowners to let go of their units has reduced.
The pending sales have decreased by 3.0% throughout the 12 months from December 2020. However, there has been a 27.0% decrease in pending sales over the past month. With the economy recovering from the coronavirus pandemic, interested buyers can close the deals quickly, thus decreasing the pending sales.
The closed sales have witnessed a 7.4% decrease from December 2020 to December 2021 and an 8.86% decrease from November 2021. These margins indicate a negative trend in completing deals, with several falling through. This trend is attributed partly to the fact that people are struggling to recover from the economic shock brought by the pandemic.
The year-to-date figures indicate trends from the year's opening day to the date of calculation. Compared to the same period in 2020, there has been positive growth in numbers with the new listings, pending sales, and close sales having 5.4%, 7.8%, and 9.8% increase respectively. These figures show that there has been a resonating interest from buyers and the willingness to complete the deals with the new houses listed.
The inventory is determined by calculating the ratio of active residential listings to the number of closed sales by the end of the month in question. The inventory for December 2021 has decreased to 0.6 months, with the total market time increasing to 32 days. Total market time indicates the period from when the property has been listed to when an offer is accepted. This decrease in inventory shows a down surge in the number of homes available for purchase. This kind of inventory gives the seller an advantage over the buyer since they can increase the prices since the demand is high. On the other hand, an increase in inventory gives the buyers the advantage since the number of houses available for sale is greater than the number of buyers, thus low prices.
Average and median prices
The current average price of homes is $571,900, a 15.8% increase from the past 12 months which is an increase from $494,000 to $571,900. The median price is currently at $511,000, which has increased by 12.3% from December 2020. The year-to-date median has increased by 15.7% from $440,000 in 2020 to $509,000 in 2021.
For inquiries about Portland real estate market, you can reach out to us, Peak Realty, by calling us at (503)902-4777, emailing us at [email protected], or pay a visit to our office, Peak Realty, 4949 Meadows Road, Portland, and experience what distinguishes us from other real estate companies in Portland.