Market Update

Portland Market Update: Q2, 2020

Let’s look at the housing market numbers for Portland during the second quarter of this year! Plenty of people were curious about what would happen in the real estate world with the COVID-19 pandemic being in full force from April to June. The stats tell quite a story.

The truth is that demand for homes in the Portland area is still very high, despite the pandemic. The market may have been a little quieter for two or three weeks, but people are definitely still out buying homes here in Portland. Residential real estate is competitive, especially for entry-level homes. That demand doesn’t seem to have eased much at all.

Median Price Sales Price

The median sold price for Portland homes was $430,000 during the second quarter. This is great news for homeowners who are continuing to see their homes appreciate nicely.

In 2019, the median sales price was $415,000 for the second quarter, and in 2018, $410,000 during the second quarter. Despite the rate of price increases slowing over what it was a couple of years ago, that’s still $20,000 in equity in just two years.

Also, the median sold price during the first quarter of this year was just $415,000, so you can see that the pandemic hasn’t dropped home prices a bit.

Number of Homes Sold

Homes sales were decidedly down during the second quarter. This is because the pandemic affected inventory and showings, so there have been fewer sales. 6,896 homes were sold this quarter, compared to 8,555 during the second quarter of last year and 8,744 the year before that.

Oregon has astronomical housing shortage (the largest in the nation, in fact), and sellers continue to benefit from that when they list their homes for sale. This shortage of inventory is partly why home prices have continued to rise. The market is definitely still in favor of sellers here in Portland.

Median Days on the Market

Portland homes took a median 11 days to sell during this past quarter, down from 13 days last year and up only 2 days from 2018. Homes are still selling lightning fast in Portland. If you find the home you want, you’ll need to be ready to jump on it. Many entry-level homes are still attracting multiple offers just because there are so few to choose from.

Interest Rates

It wouldn’t be a market update without a word about interest rates. Rates are still sitting at historic lows—the lowest rates ever recorded in recent weeks. Rates are expected to stay low for the foreseeable future—according to a recent forecast, throughout the rest of the year and possibly even into 2021.

This means that if you’re thinking of buying a home in the near future, you have more purchasing power because the cost of borrowing money is lower. Also, if you haven’t talked to your lender about refinancing, it’s time to ask if it’s worth doing!

If you’re needing any help buying or selling in this crazy market, give me a call! I’m here to make it happen for you.

Comments are closed.

Words of Praise

Marika has worked with our family on several projects. In each instance, she has demonstrated that she is Professional, Knowledgeable, and Competent. She has the ability to communicate in a clear and concise manner addressing all of our concerns. The very first time that I was able to work with Marika she was assisting our family with a difficult situation. Her guidance and direction were key to bringing about a quick and positive resolution for our family. The most recent instance involved providing research and guidance concerning the selling of our family home, her input allowed us to understand what we should expect for our property and what to expect from the process ahead of the family. I do not and would not hesitate to use Marika Feibel as my Principal Broker.

John Mikkelson

I highly recommend Marika and her team. We had an aggressive time frame in which to sell our home and Marika and her team absolutely crushed it! From market analysis to open houses and everything in between, Marika was a true professional and always available to communicate via our preferred medium. We will look to her for our future real estate needs.

Desiree Inaudi

During the summer and early fall of 2017, Marika was my real estate agent for the sale and also purchase of a house in Portland. What impressed me the most about Marika is that she was very responsive and available when needed or a question came up. Marika’s list pricing strategy was wise and resulted in many over asking offers. Marika was on site and arranged many of the details needed to get our house sold. She is efficient and keeps the ball moving forward and remains calm and professional throughout the entire process. Marika did a great job keeping me informed about the details and what to expect next. I would not hesitate to use Marika’s services again.

Sylvia Baltzer

My wife and I recently had Marika Feibel do a comp check for our house in SE Ladd’s Addition and were very satisfied with her help and assistance during the process. Marika is a great communicator and helped walk us through the process in a way that was very easy to follow and understand. The comp check that she ran came in very close to the appraiser’s value and we left feeling good about the agreed-upon sale price. Marika was also the real estate agent that helped us find the house back in 2010 and we’ve also selected her to help us with the sale of our condominium on SW Jefferson St. We would highly recommend her to anyone.

Tony Tranquilli

I highly recommend Marika and her team. We had an aggressive time frame in which to sell our home and Marika Feibel absolutely crushed it! From market analysis to open houses and everything in between, Marika was a true professional and always available to communicate via our preferred medium. We will definitely look to her for our future real estate needs.

Steve Inaudi

Marika came to us as a reference from a close friend who moved to Portland from the LA area late last year. Being in a similar circumstance to him (eg. No strong connections to the area, no idea as to reputability, first-time home buyers), we were grateful for the reference for someone he obviously trusted impeccably. Any and all expectations/preconceptions we had were entirely blown away. Marika was a paragon of professionality. She remained patient, amiable, flexible and always smiling despite the grueling amount of properties and questions we threw at her. She even took the time to scout out potential listings up to 3 months before our big listing visit days to better direct our focus and optimize yield for a limited time frame. When we finally found a property, Marika held our hand each step of the way: from offering to escrow. She was there during the inspection, and there for the assessment. She was always there for us and our future home.

Finding a home can feel like a pitched battle. Everything has weight. Everything is time sensitive, urgent, and profound. It’s easy to stress out to the point of shutting down. Had it not been for Marika’s organizational skills, advice, and guidance, my wife and I honestly don’t know how we would have found our way through this process.

So, with all of that being said, I would recommend Marika without hesitation to any and all potential clients. She really made it a good experience.