After a down month, our real estate market is starting to rebound here in Southwest Washington and the Portland Metro. Here’s what I’ve been seeing lately.
The numbers are in for April in Portland and Southwest Washington—let’s quickly go through them today. Although a lot of the country is very similar right now, real estate is hyperlocal, and things are a little bit different in our area.
Let’s start in Southwest Washington. In April, our number of listings taken was down 45%, pending sales were down 26.5%, and closed sales dropped by 25.9%.
In the Portland Metro, listings taken were down 37%, pending sales were down 30%, and closed sales dropped 20%.
May could very well be worse than April as far as closings go. In the $800,000 price point, closings are down 44%. This is a price point where you’ll need to be careful down the road.
Here’s the good news. In Washington in the last week, pending sales were down just 4%. In Portland, they’re only down 10%. People are not listing their houses, so this shows us there is a massive difference between supply and demand. Supply is staying super low, but demand is steadily rising.
In short, things are getting better. If you’re a seller, it’s time to get your home ready to list immediately because buyers are still looking online in heavy numbers.
If you have any questions for me about how you can attack this market as a buyer or seller, don’t hesitate to reach out via phone or email. I look forward to hearing from you.