The following graphs represent 24 months of real estate activity in North Portland, Oregon for:
Median List Price vs. Median Sold Price
Median Days on Market (DOM)
Number of Homes Sold
The change in the Median Sold price point from November 2019 to November 2020 is a $55k increase, higher than the $47k increase in the Median Sold price point from November 2018 to November 2019. Accordingly, there is a $102k increase in the Median Sold price point from November 2018 to November 2020. It's also notable that beginning in March 2020, there is a noticeable increase in sold price vs. list price. This typically means that most listings receive multiple offers with buyers driving up the prices, indicating a seller's market.
For reference, the lower the DOM, the more robust the real estate market. A DOM under ten days usually represents a seller's market. As you can see from the graph, the November 2020 DOM, of 5 days, is tied with July 2020 and September 2020 for the lowest DOM in the past two years.
The 106 homes sold in November 2020 are quite a bit lower than the previous five months, but I feel that has more to do with a lower inventory level than the market's pace. I'm making this observation based on the low DOM and the rapidly increasing sales price. It's also notable that the November 2020 amount of 106 homes sold is higher than the November 2019 amount of 97 homes sold and the November 2018 amount of 94 homes sold.
There's a lot of additional information regarding the North Portland Real Estate Market that you can gather from these trend charts. Please let me know your favorite item or if you have any questions.
Learn more about the neighborhood real estate market via the following links: