Pandemic Notwithstanding, Prices Up, Inventory Down
Coldwell Banker Bain, a leading provider of real estate brokerage services throughout the Pacific Northwest and a market leader in home sales in 2020*, releases its 2020 annual market report providing a variety of statistics for the sale of homes in neighborhoods and counties in SW Washington and Oregon, as well as for segments including luxury and condos. This report reflects activity between January 1, 2020 and December 31, 2020*.
Ward Spears, Oregon regional manager for Coldwell Banker Bain, said, “While one of the big lessons and reminders of 2020 is that we don’t know what the future holds, 2021 is starting off with a number of promising strengths, at least in residential real estate in Portland. Prices have increased on average about 7 percent in the last year, yet overall affordability for home buyers is actually quite strong. Affordability includes both mortgage rates and average earnings — average earnings have increased 5.9 percent from a year ago which feels like a surprising statistic. The result of these and other factors is an incredibly favorable market for sellers, yet considering that fact, buyers are surprisingly quite choosy. To deal with this selectiveness, an important step when selling is obtaining professional assistance to best position your home in the market.”
View Full PDF report featuring broker comments from Portland, Bend/Central Oregon, Cowlitz and Clark Counties.