Overview/Fluctuations ~ Market Data Oct 2021:
We’re definitely watching the typical fall/winter slowdown across the board, BUT, in general we’re seeing improvements over the same 10-month period in 2020. Inventory which had started to rise slowly but steadily did take another slight dip in October. Listings increased 6.6% over 2020 during this time period, Pending Sales rose 9.0% and Closed Sales were up by 12.5%.
Rates: “Rates are at around 3.25% right now, however we are seeing continued upward pressure as the Federal Reserve takes steps to combat inflation.” Gary Boyer, Regional VP, Directors Mortgage
According to the RMLS Market Action Report for the Portland Metro Area, Oct 2021:
- There were 3,232 New Listings in Oct 2021, down 8.1% from Oct 2020’s 3,515 and also down 14.0% from the previous month/Sept’s 3,760.
- At 3,129, Oct 2021’s Closed Sales are down 0.8% from Oct 2020’s 3,155, and also down 1.2% from the previous month/Sept’s total of 3,167
- At 3,187, Oct 2021’s Pending Sales decreased 0.4% from Oct 2020’s 3,199, and increased 0.5% from the previous month/Sept’s total of 3,170.
- The Average Sale Price in Oct 2021 of $575,200 is up $58,700 from last year/Oct 2020’s $516,500, and up $3,700. from the previous month/Sept’s $571,500.
- The “Median” Sale Price (the price smack dab in the middle of all sales) in Oct 2021 of $516,000 rose $56,000 from last year/Oct 2020’s $460,000, and was also up $6,000 from the previous month/Sept’s $510,000.
