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| This graph shows the total active listings over the past three calendar years in the greater Portland, Oregon metropolitan area. RMLS |
The number of houses for sale in Portland is the lowest it's been in 30 years (there is only about one month's inventory of houses for sale, not six months worth like you would have in 'normal' times). Not suprisingly, prices keep going up. The median price is now $457,000. The article on Oregon Live rambles on for a while but at the end they finally get around to talking about what factors might be contributing to this situation:
Compounding shortages in homes for sale is a growing population, owners unwilling to sell during the coronavirus pandemic and September wildfires that destroyed more than 4,000 Oregon dwellings.
The biggest factor of not selling, according to national real estate database analysis, is concern of not finding another home.
Many home shoppers have widened their search and are moving out of metro areas.
Interest in suburban living, with homes on larger lots, has been growing for a few years, say real estate professionals, but the coronavirus amplified the desire for more square footage as well as a relaxing backyard to replace weekend getaways.
“The suburbs have clearly benefited this year from urban flight and the general implications from the pandemic related to work-from-home opportunities,” says Jim Arnal of Living Room Realty. - Janet Eastman
No mention of rental properties, but maybe those who've become unemployed because of the COVID-19 lockdown weren't renting houses.
2 comments:
nice posts...!!!Angry Gran
It's the same on the east coast, I know people trying to buy in MA, DE, and NC. If they don't bid more than 10% over the asking price they're not even in the running.
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