Portland's Real Estate Market Update for August 2021
In August, the number of new listings in the Portland real estate market reduced by 13.3% from the listings in the previous month. Pending sales, however, increased by 5.4% from the offers accepted in July. The number of closed offers decreased by 6.4% from July 2021.
Average and Median Sales Prices
The real estate companies in Portland have seen an increase in average sale price by a stunning 18.5%. This performance is in comparison to the average sale price in 2020. Previously, the sales were at an average of $481,000, and in August 2021, the sale average sale was $570,000.
Within the same time, the median sale prices have increased 17.4%. The median sale price was around $430,000, and it sat at about $505,000 in August 2021.
Inventory and Total Market Time
The total market time also saw a huge increase to around 23 days. The inventory was lower than in August of 2020 when it was at 1.3, increasing to 1.0. This occurrence is from the 0.9 lists realized in July of 2021.
If you look at the same time [eight months] in the last year, real estate companies in Portland saw an increase in new listings by 7.4%. This improvement features at least 29,405 new listings.
The number of pending sales also increased within the same timeframe by 11.2%. The numbers recorded are around 24,960 during the same time this year.
Lastly, the closed sales numbers also saw an improvement as they increased by around 17.6%. The number of closed sales during that time in Portland was about 23,142.
Changes in the Market
Over the last eight months, there has been a shift in the market; a lot happened last year due to COVID-19. The overall real estate market in Portland started to see a change as not many homes sat on the market longer than last year.
The idea of a property sitting in the market longer caused many sellers to pull the trigger and opt not to sell again. This year, though, the market is picking up, as seen by the overwhelming increase in numbers.
The real estate market has seen an increase in listings, pending sales, and closed sales over the last eight months – up to August 2021. The real estate companies in Portland can now rest easy in the knowledge that the market is picking up.