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Breaking Down the November 2020 Market Action for PDX Metro

 

The recently released November 2020 Market Action Report for the Portland Metro area held few surprises for those currently looking to purchase a home in Portland or one of its surrounding suburbs. In fact, it reinforced what we already know: inventory is extremely low, while the average and median sale prices of homes are continuing to slightly rise based on the amount of competition out there.

It doesn’t help that the amount of new listings took a drastic dip of 36.3% from October, though they were up 5.7% from November 2019. One might speculate that perhaps this was impacted by the election and COVID, or maybe simply a traditional holiday slow down, but I don’t think this is necessarily the case.

To get a better grasp, let’s look at some of the other metrics in play. Similar to  active listings, the amount of pending listings also dropped in November, down 20.1 percent from October, and even the amount of closed listings decreased 13%, though closed sales were up 25.3% from November of 2019.

What also saw an increase? The year to date average sale price, which has risen from $459,300 up to $492,000. Similarly, the average median home price has increased from $410,000 up to $438,000.

November 2020 logged the lowest amount of inventory recorded in RMLS history: 1 month. This means that if all the homes that were currently on the market were to be gobbled up by everyone looking to buy a home out in the PDX Metro Area, it would take one month for all of the homes to be gone. This is severe, especially considering that in November 2019 there was 2.4 months worth of inventory, and 2.8 in November 2018. That is an additional 1.4 months worth of inventory gone.

So why are we seeing the numbers that we are? Though the initial pause we had in real estate at the beginning of the pandemic contributed to creating a pent up demand for housing, the demand has yet to abate. In fact, with many remaining at home to work or oversee distance learning, there has been an increase in buyers looking for homes with more room. Low mortgage rates have also given an extra push to those on the fence, edging them into the buying pool. Add these factors to the low inventory we normally see at this time of year plus the fear from potential sellers of not finding a place to move to once their home goes pending, and you have an anemic market.

It will be interesting to see what January brings, whether the amount of homes to come to the market will significantly rise or not. I believe that while we will see more sellers come to the market, there will still be a noticeable deficit between what is available and the amount of Buyers still looking.

Looking for advice on how to make your offer irresistible to Sellers and stand out from the crowd? Or are you considering selling your home but are uncertain about the best way to do so in this competitive market? Check out the About page on Beckspacnw.com for ways to contact me to schedule a consultation today!Market Action (3)

 

 

Photo via Pregame Magazine

A Kids About Book Series Makes Oprah Winfrey’s Favorite List

Though I love the phenomenon that is Oprah Winfrey, I am not religious about following up with her latest book club reads or favorite things list. Yet it caught my eye when I saw an article that mentioned how a Portland, Or based company had landed on her favorite things list this year. So of course I had to see what had intrigued Oprah enough to talk about it.

What I found hit my heart. The Portland based company that made Oprah’s list is called “A Kid’s Book About.” A Kid’s Book About is a publishing company, founded by author Jelani Memory, whose mission is to “help kids and their grown ups have honest conversations by making books about challenging, empowering, and important topics told by diverse authors who know that topic first hand.” It all started when Memory, described on the A Kid’s Book About website as a black father with a blended family, wanted to find a way to talk with his kids about the topic of racism in an honest and connective way. Though he initially wrote A Kid’s Book About Racism for his kids only, one copy multiplied to thousands as more people who were also struggling to have that talk wanted a copy as well.

Currently there are over 20 topics that A Kid’s Book About has tackled. Some of these topics include: belonging, death, optimism, anxiety, feminism, shame, bullying, gratitude, money , failure, and many more. I have to say, it is so easy to see why this would be on a favorites list. Conversations with our kids can be hard, so having resources, written by real people who have experienced the topic is not only valuable,  but also provides a sense of support and community. Reading more about this business was such an honor because I was able to learn more about someone in my community who is creating an impact by creating a solution for something he didn’t even realize other people wanted. If you get a chance, check out and shop the A Kid’s Book About website by clicking here.

What topics would you like to see a kid’s book about?