|Market Snapshot- First of the Month Review
The RMLS released May’s market stats. Active listings rose from April-May 2020 from 966-1,088, +122. Sales dropped from 694-604, -90 units. Looking back a year earlier in May 2019 there were 1,758 active listings and 1,033 units sold. Both up +200 from the previous month. So far the market has shown a similar pattern month to month, but with much less inventory and last month’s sales dropping off.
At the end of April I thought we would have a rush of sellers putting their properties on the market in May, and through the summer. The Real Estate market was and is still doing well considering everything and I had hoped the COVID dilemma would wind down faster, boosting us closer to last year’s numbers. Over the past few weeks, I’ve been reevaluating that thought. I underestimated how long the shutdowns would last and also how much our behavior long term could change. I’m optimistic. You have to be in this profession.
What have property values been doing?
Believe it or not, prices rose from March-April, with sellers in April getting on average 9% more than their asking price, up about 7% from March. Fast forward to May, that dropped with sellers receiving -2% less than their asking price (Multnomah County). Next week I’ll go over other counties and how they have done in comparison. From what I’ve seen they’ve responded similarly.