Portland Real Estate Market Analysis for September 2021
Here at Peak Realty, we focus on riding with you on your real estate journey, and we head the list of real estate companies in Portland. We are a listening and caring partner for your desire and real estate comfort in Portland. Here is a detailed Portland real estate market update for September 2021 in Portland.
The residential market has witnessed a 15.2% increase in new listings over the one year from September 2020 to September 2021. This trend backed up with the 1.7% increase from the past month shows positive growth and interest in residential houses in Portland. Investors are taking a greater interest in Portland's real estate sector. The sales have taken a small margin surge over the past year, with the pending sales increasing by a 0.6%, but this is understandable since the Corona Virus Pandemic has over the past one year taken the livelihoods of many leaving them quite vulnerable financially. However, there has been a 10.3% decrease in pending sales over the past month. This trend shows that the number of people interested has risen and out of the interested persons, dwells a number who could graduate to buyers and close the deals.
The negative effect that the pandemic has created on America's economy has led to a decrease in closed real estate sales in Portland. The closed sales have witnessed a 2.6% decrease from September 2020 to September 2021 and a 1.6% decrease from August 2021. These small margins portray a good picture of the interest people have in Portland's residential market. The year-to-date figures that are the period from the opening of the year to the date of calculation do not disappoint with the new listings, pending sales, and close sales having 8.3%, 9.9%, and 14.6% increase respectively.
The inventory, calculated by finding the ratio of the active residential listings to the number of closed sales by the end of the month in question, has increased in September. The inventory, expressed in months, increased to 1.1 months, with the total market time increasing to 24 days. This increase in inventory shows that there is an increase in the number of homes available for purchase. An increase in inventory gives the buyers an advantage over the sellers since it shows that the number of houses available for sale is greater than the number of buyers, thus lowering the prices. A low inventory gives the seller advantage, as they tend to increase the prices when the demand is high.
The average price of homes is $571,500, an increase of 12.1% from September 2020 to September 2021 and a year-to-date 17.5 increase from $485,200 to $570,200. The median price is currently at $510,000, which has increased by 13.1% from September 2020. The year-to-date median has increased by 16.5% from $433,500 in 2020 to $505,000 in 2021.
For more information about Portland real estate market, do not hesitate to reach out to us through (503)902-4777, [email protected], or visit our office; Peak Realty, 4949 Meadows Road, Portland. We are one of the top real estate companies in Portland and we are willing to offer you a helping hand in selling your home or helping you buy one in Portland.