Here’s the impact that the wildfires have had on our market.
First, I want to send my thoughts and prayers to everyone who has been affected by the fires. It seems like we’re past the worst of it for now, but it was tough there for a while and a lot of people are still recovering.
The real estate question of the month then is obviously, “How will these fires affect the market in Oregon and Southwest Washington?”
When the fires started to spread, there were moratoriums put on homeowner insurance policies. This held up insurance claims and funding in Clackamas and Marion Counties. It also slowed down closings and created a bottleneck that will last for around another week or so.
Now, I have to share some important stats that everyone should hear. In 2019, there were 237 active listings that went live. That number was 4.3% lower in 2020. Pending sales are up 38% in Southwest Washington week over week and year over year. We’re seeing a lot of people relocating to the Battleground/Washougal area for more space.
In the Portland Metro area, active listings are down 21% from last year. This is about the lowest inventory we’ve seen in history. Pending sales are up just 10%, which I think will go up further now that the fires seem to be contained.
The fire will have the biggest effects on inventory and timing. If you have good communication with your agent, you’re in much better hands. If you have any questions for me about buying/selling a home or the market in general, don’t hesitate to reach out via phone or email. I look forward to hearing from you.