May 2021 PDX Market/Neighborhood Report

Overview/Fluctuations ~  Market Data May 2021

Here is your look at the latest data covering the greater Portland area according to RMLS. Specific information on Neighborhoods is broken out below. (Numbers for June will be out mid-July ; )

The stats show New Listings dropped a bit (2.3%) in May from April, and/but Accepted Offers rose at the same time by 8%.

Just when we think record lows in Inventory can’t get any lower, they do.  May took us down to 0.7 months of available housing.

Rates are still attractive hovering around 3.125%. Best to get out and get active if you are going to, given that the Fed indicated last week that they’ll be raising rates sooner than previously expected.

  • There were 3,971 New Listings in May2021 increased 16.1% over April 2020’s 3,419 and decreased 2.3% from the previous month/April’s 4,065.
  • At 3,183, May 2021’s Closed Sales are up 62.1% from May 2020’s 1,963, and also up 8.0% from the previous month/April’s total of 2,946
  • At 3,717, May 2021’s Pending Sales increased 19.4% from May2020’s 3,112, and also rose 9.3% from the previous month/April’s total of 3,400.
  • The Average Sale Price in May2021 of $582,200 is up $114,700 from last year/April 2020’s $467,500, and up $24,300. from the previous month/April’s $557,900.   
  • The “Median” Sale Price (the price smack dab in the middle of all sales) in May 2021 of $515,000 rose $90,000 from last year/May 2020’s $425,000, and also increased $15,000 from the previous month/April’s $500,000.

April 2021 PDX Market/Neighborhood Report

Overview/Fluctuations ~  Market Data April 2021:

Record low Inventory continues.  Competition is heavy and/but anecdotally the grapevine says more properties are starting to show up now in May, and I’m seeing & hearing about more Offers accepted at or nearer asking price.  The numbers will tell next month when we look at May’s totals, but that is the buzz.

Mortgage rates are still great. The latest, though it varies on a daily basis and from individual to individual, is 3.25-3.35% on a 30-year Conventional loan w/a 700 credit score & 20% down.

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

  • There were 4,065 New Listings in April 2021 increased 42.8% over April 2020’s 2,487 and increased 17.3% from the previous month/March’s 3,465.
  • At 2,946, April 2021’s Closed Sales are up 46.2% from April 2020’s 2,015, and also up 15.3% from the previous month/March’s total of 2,556
  • At 3,400, April 2021’s Pending Sales increased 66.6% from April 2020’s 2,041, and also jumped up by 1.6% from the previous month/March’s total of 3,346.
  • The Average Sale Price in April 2021 of $557,900 is up $80,500 from last year/April 2020’s $477,400, and up $3,600. from the previous month/March’s $554,300.   
  • The “Median” Sale Price (the price smack dab in the middle of all sales) in April 2021 of $500,000 rose $76,000 from last year/April 2020’s $424,000, and also increased $12,000 from the previous month/March’s $488,000.

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.

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:

https://www.oregonlive.com/realestate/2021/02/portland-metro-homes-for-sale-high-competition-low-interest-rates-push-average-sale-price-to-514700.html?fbclid=IwAR15pjujPcDx-B_MIniDEpag3JlO5LVDZv1YH-HZF2DURxonLv3AoJHNHco