March 2021 PDX Market/Neighborhood Report

Overview/Fluctuations ~  Market Data March 2021: 

Low Inventory continues to be the driver of competition in the greater Portland area where we see price increases in most neighborhoods/areas from the prior month & all areas increasing over 2020.  (See below for breakdown). Comparing 2021 to the same period in 2020 thru March, overall Average Price has increased 16.6% and Median price 14.9%.

Favorable jobs reports and other economic indicators  are pushing rates up  slightly. My trusted Mortgage Advisors say Mortgage rates are hovering around 3.125% today. This rate varies and can be reduced with a buy-down, or affected by individual qualifiers. I’m happy to connect you with someone to discuss your particular situation.

According to the RMLS Market Action Report  for March 2021:

  • There were3,465 New Listings in March 2021 decreased only slightly at 1% from March 2020’s 3,468 and increased 40.1% from the previous month/February’s 2,474.
  • At2,556, March 2021’s Closed Sales are up 8.5% from March 2020’s 2,356, and also up 29.2% from the previous month/February’s total of 1,978
  • At3,346, March 2021’s Pending Sales increased 42.6% from March 2020’s 2,347, and also jumped up by 51.5% from the previous month/February’s total of 2,208.
  • The Average Sale Price in March 2021 of $554,300 is up $88,800 from last year/March2020’s $465,500, and up $12,300. from the previous month/February’s $542,000.   
  • The Median” Sale Price(the price smack dab in the middle of all sales) in March 2021 of $488,000 rose $63,000 from last year/March 2020’s $425,000, and also increased $8,900 from the previous month/February’s $479,100.

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