Portland Real Estate Market Analysis for November 2021
It’s no secret. The Portland market continues to impress industry veterans as single-family homes and condos continue to set impressive records.
In response to an inventory reduction of 0.8 in November, the total market time has yet to reach one month, an indication that this remains a seller’s market. In November 2020, residential properties on the market averaged 46 days. One year later, that number is just 27. Property valuation gains are equally impressive. Sale prices have shown a 16.1% increase over the past 12 months as median sale prices increased from $438,000 to $508,900.
Comparing November 2020 to November 2021 activity, every statistic has climbed thanks to 38,852 new listings representing a 6.1% gain. Pending sales increased by 8.7% based on 33,620 pending sales with the biggest gain in closed sales numbering 32,492 for an increase of 11.4%.
November's positive trajectory remains on track as 2,229 new listings are added. North Portland property prices are especially impressive. November multifamily home prices in these communities are averaging $976,400 per single-family dwelling.
Is sales activity slowing down? Hardly. The November Portland real estate market closed sales surpassed 2,500, keeping pace with 2021 averages as both COVID and the impending holidays begin to impact the number of transactions on record.
Condominium sales are an exception to the rule in terms of the number of active listings and closed sales, according to real estate companies in Portland. In November 2020, there were 700 condos on the market. That number dropped to around 350 units just 12 months later.
Whether 2022 will reverse these trends is questionable, though shoppers seeking single-family dwellings who are losing out to higher bidders could help boost this market. The good news, agree real estate companies in Portland, is that while condo properties remain scarce, sellers are reaping benefits as the average sale price has remained above the $325,000 threshold since June and shows no sign of slowing.
Whether or not current growth is sustainable into the new year is the subject of a hot debate, but since experts agree that a crash is unlikely, the Portland real estate market is likely to move into 2022 in good shape as the current disparity between buyers and sellers settles down.
As of November 29th, Fannie Mae predicted that home prices were likely to rise by just 7.9% in the year ahead but given the number of surprises 2021 has delivered to the Portland real estate market, you may not want to place bets on that number.
Are you thinking of a Portland home sale or purchase? Count on Peak Realty professionals for excellence, service, and the kind of knowledge that is rare in a market this size. From our offices in Lake Oswego, our understanding of what it takes to market and sell residential properties is unprecedented.
Discover why our clients keep coming back and learn how we can assist you as quickly as possible to tie up your unique real estate transaction at (503) 902-4777 or visit https://www.portlandareaproperties.com/.