Portland's real estate stats for July.

Holy cow!  Its busy out there.  

Our multiple listing service released the report for July.  Most notable to me was inventory, or the lack of it. 

Inventory in Months is calculated by dividing the Active Residential Listings at the end of the month in question by the number of closed sales for that month. This includes proposed and under construction homes.  July showed 1.2 months of inventory...including proposed and under construction homes.  We haven't been that low since December of 2015 (and low inventory in December is less about a busy market and more about a slow market, with folks not selling during the holidays).

These two charts give the best visual of how things are going. This chart shows active listings as compared to the past two years. 2020 looked to be off to a good start, and then the COVID decline.

This chart shows pending sales as compared to the last two years. The COVID drop is pretty clear, followed by a pretty steep spike.

So, yeah, lots of buyers buying and fewer sellers selling.  We're back in multiple offers, with many selling well over list price.  A buyer client of mine recently offered $508,000 on a $475,000 house, and was offered second back up position.  Meaning, there is an accepted offer, and a party in back up position, and then my client.  This is par for the course, with many buyers getting frustrated and fatigued.

Other stats of note; the year to date median sale price is $426,500, up 4.5% year to date over the same period last year.  Our market time in July was short at 42 days, though North Portland has the shortest market time the metro area at 29 days.  

Record low interest rates are fueling some of this activity.  We are seeing some COVID inspired moves; more space, closer to family and away from dense urban east coast cities.  

If you are thinking of making a real estate move, get in touch,  I'd be glad to chat.  leslievjones@gmail.com. 503-312-8038