The Portland Metro Area Real Estate Market is Moving Forward!

The past few weeks have been positive in our market! We are seeing an increase in the rate of homes coming onto the market for sale, homes are going under contract and transactions are closing.  While this spring market may not be as active as in previous years, we are still relatively active considering the coronavirus environment.

Recent lockbox activity reports from RMLS, show an increase in the showing activity over the past three weeks; most recently, Oregon lockbox openings showed an increase of 5.9% for the week ending 4/12, 12.3% for the week ending 4/19, and 18.9% for the week ending 4/26.  The lockbox activity is a key indicator and shows we are quickly returning to normal showing levels.

In just the areas of Beaverton, Hillsboro, Forest Grove and Cornelius, we saw 101 homes listed for sale during the week ending 4/25 and 114 new listings the week ending May 3^rd. For the same communities during the same two weeks, new pendings were 102 and 118 respectively (homes that went under contract and placed as pending in the RMLS).  We are even seeing multiple offers on homes that are prepared and priced correctly.  Again, the increase in the number of homes coming onto the market, the increase in showing activity and the increase in the number of homes going under contract are all pointing toward improvement in our local real estate market relative to the initial weeks of the stay at home order.

Buyers and sellers have both accepted, and adhere to, the COVID-19 protocols when working with their agents.  While homes that are vacant tend to get more showings, we are beginning to see occupied homes get increased showing activity.  Typically, if a home is owner occupied, the sellers limit the number of people at the showings to only the agent and qualified buyers, requesting that children not be present – both for the safety of the homeowners and the buying family.  Agents are ensuring that hand sanitizer, wipes, masks, booties and gloves are used when onsite visits occur. Again, the health and safety of all involved is of paramount concern.  When necessary, sellers are requesting offers made and accepted subject to onsite inspection to limit the viewing of their home.

A feature that an increasing number of agents are using is including virtual/video tours and/or 3D tours on their listing.  Buyers can ‘tour’ the home prior to personally walking through the home.  This helps to narrow down the selection of homes that buyers choose to view as they search for their next home. Open houses and broker tours have been canceled until further notice.  Interactions between clients and their agents are happening via applications such as Zoom meetings, using electronic signatures, facilitating Facebook live walk-throughs and other virtual means to conduct needed business and communication.

Other changes that buyers and sellers are experiencing are during the inspection, lending and closing processes.  All parties have adapted their own COVID-19 procedures and the processes are moving along with limited delays, if any. Again, everyone is concerned with the health and safety of their clients and taking necessary steps to ensure proper distancing and protection are in place.

Are you considering making a move this spring or summer?  Let’s talk about how we can take advantage of the current real estate market while taking steps to maintain everyone’s health and safety.