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

Is Your Home in “Move-In” Condition?

When buyers view your home, they ask themselves whether they like it. Assuming that the answer is “yes”, they try to determine how much work would be required before they could move in. It’s not uncommon for a buyer to be interested in a property but be turned off by the ...

Continue Reading

How Much Can you Afford?

Why is it so important to know how much you can afford to spend on a home? Two reasons. First, you don’t want to buy a property and then find out, after you’ve moved in, that you can’t financially maintain it. That would mean having to resell it under stressful conditions. Second, you ...

Continue Reading

Consider the Possibilities

You’re shopping for a new home. You visit a property that looks great from the outside, but when you go inside to explore the rooms, you’re disappointed. The kitchen is cluttered and “feels” small. The living room seems too wide. The master bedroom doesn’t look comfortable at all. Should you strike ...

Continue Reading

How Much is Your Home Worth?

If you are like most homeowners, you have probably often wondered what your home is currently worth. You may want to know the value of your home just because you’re curious, or because you need to know the financial value of this important investment, or even because you’re thinking of making ...

Continue Reading