Portland Real Estate Predictions from The Oregonian: A summer spike in homes for sale, desire for a built-in hygiene station
“The sinking economy and coronavirus pandemic aren’t predictable, but residential real estate might be, says Todd Prendergast, co-owner and president of Windermere Realty Trust.
The main force: Too few homes for sale.
Sellers at almost all levels continue to profit from the low number of residential properties for sale in Oregon, the state with the largest housing shortage in the nation.
Inventory has been dropping in the Portland area since January 2019, and even then, with a 3.3 month supply, it was a sellers’ market.
In April 2020, there was a 2.4 month supply of homes for sale, which was an increase from March 2020’s 1.8 month supply. But a hoped-for May surge hasn’t yet materialized.
“There continues to be pent-up demand, generally speaking, for properties priced below $700,000,” says Prendergast. “The lower- to mid-price range, in many cases, is still experiencing multiple offers” if priced right.
Many property owners are being cautious about entering the market, especially if they live in the home, he says. Close to 60% of new listings since March 1 have been vacant properties, which is unusual, he adds.
Summer, which is historically a slow time for home shopping as people take vacations, might see a bump in activity.
“We are beginning to see sellers getting more comfortable with exploring the possibility of listing their homes,” says Prendergast.”
