As we would expect, the pending sales continue to outpace the new listings in the lower price points, even during what is usually a heavy listing season for us.
Properties listed under $500K that are solid are continuing to see multiple offers and oftentimes bid way up beyond list price. The middle range of $500-$1M is starting to catch up and the pending trend line is about to surpass the new listings. As far as the $1-2M market goes, in a surprise move, the pendings outshot the new listings by quite a bit.
My guess is that the phone calls I am getting from folks who want to live in Portland now that they are working remotely and don't have to live in their dense and expensive cities is what is causing that interest from out of town well-heeled buyers in our market. So next time you think we are dense and expensive, remember it's all relative!
You can view the numbers online or use this link to download the report. We will keep you posted as new data comes in and let us know if you have questions about any specific area and/or price range.