Market Update July 2020

August 29, 2020

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 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 call today.

David Marshall, Manager

HOMESTEAD, LLC