Blog

August 10, 2020
Local Real Estate Market Affected by Coronavirus
The Greater Portland residential real estate market has been affected by the corona virus pandemic, just like everything else. The number of homes available are down, resulting in increased prices. Read on for a market update to learn about the impact.
Every month the Greater Portland Board of Realtors releases a report showing the changes in the number of sales and sale prices in comparison with the previous year. The report shows the activity in the previous month.
While the report with the July numbers has not been released, this article will look at the June report and will also preview the July numbers with statistics from the MLS.
Here are the highlights from June:
The number of sales was down 24.18% in June 2020 in comparison to June of 2019 in Greater Portland.
Prices in June increased by 5.59% from last year in Greater Portland.
In Portland, the number of sales was down 37.5% in June of 2020.
Sale prices in Portland stayed about the same in June 2020 with a slight decrease of 1.63%.
The July numbers for the city of Portland for residential real estate are showing:
The number of sales are down 28.4%.
The median sale price increased to $349,000, which is up 5.76%.
The median number of days on market decreased by 30.00% from 10 days to 7 days.
The number of active listings were down 28.8%.
The pandemic has created a stronger market for sellers and many listings are receiving multiple offers due to the tight supply.
If you are curious about the current value of your home or if you are considering making a move, then please contact us today.
David Marshall, Manager
HOMESTEAD, LLC

3 Reasons why a House isn’t Selling

Have you ever driven by a For Sale sign and wondered, “That house has been on the market for a long time, I wonder why it isn’t selling”? You might have asked that question because you were worried the same thing would happen when you put your own house on ...

Continue Reading

5 Unexpected things Home Buyers want to See

If you’re planning on putting your home on the market, you probably know the basics of what buyers want to see. Clean and uncluttered rooms. Comfortable living room. Functional and spacious kitchen. Bright, modern bathrooms. However, there are some things that today’s buyers are looking for that you might not ...

Continue Reading

How to Be a Savvy Home Viewer

If you’re planning on finding your next dream home, then you’re probably going to view several homes on the market that meet your criteria.You will want to make the right purchasing decision for you and your family. So, it’s wise to be savvy when viewing properties for sale. Here are ...

Continue Reading

5 Tips for Selling your Home Quickly

There are several reasons why you may need to sell your home quickly. For example, a job change may require a speedy relocation to another city, or you may have purchased another property and don’t want to be stuck too long with two mortgages. Here are some tips that can help ...

Continue Reading