How is COVID-19 affecting the Portland Real Estate market?

by | Mar 27, 2020 | Blog

Over the next few weeks, we will be tracking and providing updates on the effect of COVID-19 on the Portland Real Estate Market

Covidchart

This report looks at weekly active, pending, sold data for Portland Oregon in the RMLS to show current monthly inventory based on both pending to sold ratios and also active to sold ratios. The report also shows absorbtion rate based on active and sold homes.

 

This report is meant to track the weekly effect of the COVID-19 and subsequent business, government and school shutdown on the Portland real estate market.

4/21/20 Update: Weekly homes sales hit 153 pending units from 4/14-4/21 up from 119 the previous week. Closed sales also hit a new high of 122 which beats the 111 closed the week ending March 24th. This is the first full month of weekly reporting since the shutdown began in Oregon. 

3/31/20 Update: Things are certainly not business as usual but Portland real estate is staying strong – very strong it turns out. I started tracking weekly the new listings, new contracts [pending] and sales and the results might surprise you. While less people are listing this week over last week the buyer demand is still strong. Homes closed in the last week sold for 102% of list price.

Have more questions about the current market conditions? Give me a call.

 

Nick Krautter, CCIM
City and State Real Estate
35 NE Weidler, Portland OR 97232

503.901.8100 call or text
cityandstatere.com

Oregon Principal Broker License: 200601292
Washington Managing Broker License: 26937

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