This is the third month in a row I’m writing about the fast pace of real estate here in the Northwest with low inventory, high demand and low interest rates.
According to an Oregon state economist in published in this Forbes article, interest rates could fall even lower.
Small acreages and homes in the $300 – $500k price range continue to be extremely competitive for buyers right now with sellers receiving multiple offers, often well over list. There’s been a dramatic increase in median and average sale price by month, with average prices exceeding $500K for the first time in our market. As we look at the median price by month, we can see that the median has increased $33,400 over the July 2019 median – quite a jump in just over a year.
At the same time, demand looks to remain high while new listings, perhaps due to people staying in their homes while leveraging low rate refinance options, remain steadily low. The market is likely to stay in its current state well into 2021. While these trends apply to the market as a whole, the luxury market is rolling along and not as prone to imbalance caused by interest rates or stock market fluctuation. High end real estate is a more sustainable market over the long term.
Whether you’re buying or selling, you need a realtor who knows all the moves and how to make them fast! That’s why at Thoroughbred Real Estate you’ll never encounter a junior agent. Our team is exclusively comprised of devoted, seasoned professionals. If we can help you and especially if you’d like to add to our inventory, please reach out! We have agents serving Willamette Valley, Portland Metro, SW Washington and Central Oregon and can even broker deals without ever going to market, especially right now.