Buyer Traffic Up 42% after COVID19 63% Drop – Portland Real Estate Market Report
After home showings decreased a whopping -63% in March 2020 (versus March 2019 numbers), when the initial impact of COVID 19 hit the Portland real estate market, home buying traffic is bouncing back – and in significant numbers. April 2020 saw a 42% increase in home buyer traffic from those bottomed out March numbers. Now typically April buyer traffic increases over March every year, but certainly not by those drastic of numbers.
Where are we now?
We are still down about 31% from 2019 May traffic numbers, but this is no where near the 63% drop from expected March traffic – a huge improvement for the Portland real estate market. Also keep in mind that home tours are less frequent now (for good reason) as buyers are more carefully vetting homes before touring, or even, on occasion, buying without seeing the property in person. This means there will be more sales per showing than usual. A new norm of how many showings does it take to sell a home will be clear in a few months. Find out the answer for how many showings it took to sell a home in 2019 Portland real estate.
The Portland real estate market still has a little ways to go to get back to normal, but there is a real chance it will return to its seasonal norms by July. (Check out our month to month article on Portland real estate seasonal norms to get an idea of what typically transpires each year.) Also August and September, which are typically cool months in our local market, could be much stronger this year than is typical as pent up home buyer and seller demand got pushed back. Then of course, only time will tell if COVID19 has another significant impact this fall on our local real estate market.
What should I do?
Start looking around! We love PortlandHomesforSale.com, you get near instant updates and straight from the source (RMLS) data, so you don’t have to worry if the national site your using (sorry Zillow) is displaying the wrong information.
Second, if you want or need to buy or sell a home in Portland – talk with your local experts. The Portland housing market is very segmented and our advice will change depending on the type of property you own or want to purchase and the exact location that home is in. We have top 1% selling and buying agents on our team ready to serve you today. Just give us a call!May 8, 2020