Market Update for Summer of 2020
Welcome to KOVER Realty Group’s Summer seasonal market update for Portland Oregon. Summer is usually a busy time for buying and selling houses as the weather is nice and it’s a great time to settle in before schools start up. With COVID-19 and the pandemic guiding the real estate market my hope is a vaccine will bring back stability before the end of the year.
Real estate sales in Oregon have been overshadowed by the COVID-19 pandemic but sales continue to happen. KOVER Realty Group is holding Open Houses again following social distancing guidelines, face mask requirements and cleanings. The actual real estate market is still moving along with lower mortgage rates fueling demand and keeping us in a Seller’s market. Inventory of SFR houses for sale has decreased keeping buyers competing for what is available. There are around 1100 houses for sale in Portland which is only about a 2 months supply if no new houses come to market.
My guidance this Summer for Sellers is caution on waiting to put their house or condo up for sale as we could see a change to a buyer’s market this Fall or Winter. A buyer’s market would mean lower sales prices and more time on the market.
To view a detailed weekly market report from my preferred title & escrow partner, First American Title Co., click below.
Thinking about buying or selling property in Portland or the surrounding area? I am here to help, call or text: 503.891.4725.