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.

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