It’s August and the numbers are in! Here’s your report for the month of August 2020 Portland: The biggest take away from this month was comparing year-over-year there are 10.1% less new listings on the Portland Market. While this is a recovery from the 32.4% deficit of new listings from earlier this year in April, this is still challenging news for those trying to enter the market as demand outweighs supply in the Portland market. 

According to the Mortgage Bankers Association August 2020 report, new home purchase mortgage applications increased 33.3% from August 2019. 

August Residential Highlights

New listings (3,885) increased 3.4% from the 3,757 listed in August 2019, and decreased 8.3% from the 4,236 listed in July 2020.

Pending sales (3,697) increased 26.2% from the 2,929 offers accepted in August 2019, and increased 1.1% from the 3,656 offers accepted in July 2020.

Closed sales (3,149) increased 8.5% from the 2,901 closings in August 2019, and decreased 7.1% from the 3,391 closings in July 2020.

Inventory and Total Market Time

Inventory increased to 1.3 months in August. Total market time decreased to 41 days.

Year-to-Date Summary

Comparing the first eight months of 2020 to the same period in 2019, new listings (27,379) decreased 10.1%, pending sales (22,455) increased 4.0%, and closed sales (19,683) decreased 1.1%.

Average and Median Sale Prices

Comparing 2020 to 2019 through August, the average sale price has increased 4.8% from $458,900 to $481,000. In the same comparison, the median sale price has increased 4.9% from $410,000 to $430,000.

Check out the full report here.