February 2021 PDX Market/Neighborhood Report

Overview/Fluctuations ~  Market Data February 2021:           

Inventory is holding steady with one month of supply available.  Competition is heavy, though we finally see more properties hitting the market now in March, which should alleviate that a little.  Competition pushes prices up as you can see in the Neighborhood Report below comparing January & February prices. Rolling 12-month Appreciation rates in all areas are up.

Mortgage rates will be rising inspired by the economy’s steady recovery. Today’s rates are hovering around 3% or a little higher based on a number of factors, but most can “buy the rate down” a bit & get it lowered. My trusted Mortgage Advisors can give you  more info.

According to the RMLS Market Action Report  for the Portland Metro Area, Feb. 2021:

  • There were 2,474 New Listings in Feb 2021 decreased  10.3% from Feb of 2020’s 2,759  and also dropped 4.1% from the previous month/January’s 2,579.
  • At 1,978, Feb 2021’s Closed Sales are up 4.3% from Feb 2020’s 1,897, and also up 7.1% from the previous month/January’s total of 1,847
  • At 2,208, Feb 2021’s Pending Sales are down 15% from Feb 2020’s 2,598, and also down 11.5% from the previous month/January’s total of 2,496.
  • The Average Sale Price in Feb 2021 of $542,000 is up $84,100 from last year/Feb 2020’s $457,900, and up $27,300. from the previous month/January’s $514,700.   
  • The “Median” Sale Price (the price smack dab in the middle of all sales) in Feb 2021 of $470,100 rose $63,100 from last year/Feb 2020’s $407,000, and also increased 10,100 from the previous month/January’s $460,000.

The Cost of Waiting

This graphic (below) grabbed my attention.  As Realtors, many people think we set prices and are contributing to the increases we see.  I can only speak for myself, but that is not what I am seeing or have seen in my 17 years helping people in the Portland area. Realtors look at what similar homes have sold for recently in the neighborhood when advising on pricing a home.  It does no one any good to overprice a home. If a home is overpriced it tend to sit on the market. Right now, the truth is that as there are not many properties on the market, Buyers are competing with each other to secure a reduced number of properties. That drives prices up. Right now interest rates are *low* and the general consensus is that they are only going to rise from here as the economy rebounds so……..  My advice is to let me help you get an edge in this ,market, and    …don’t wait:

Competition is Driving Prices Higher

Check out this Oregon Live piece on what’s happening: