September Numbers 2021 + Neighborhood Report

Overview/Fluctuations ~  Market Data Sept 2021:            Again this last month we’re seeing a cooling indicative of Fall, with Buyer Activity slowed a bit and/but conversely, Seller activity (Listings) increasing. It’ll be interesting to see October’s activity as Fall is reliably one of the best times to buy a property in Portland, especially given the competitive landscape this year. We’ll find out if Buyers come out for the opportunity it presents.    Market time remains pretty much the same at 24 days. We also see another slight increase in inventory climbing pretty steadily during these last few months. Appreciation remains remarkable.

Rates: “With increased inflation pressures, rates have moved higher to roughly 3.25% currently.  We are likely to continue to see rates moving higher in the coming months.”    Gary Boyer, Regional VP, Directors Mortgage              

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

  • There were 3,760 New Listings in Sept 2021 up 15.2% from Sept 2020’s 3,264 and also up 1.7% from the previous month/August’s 3,698.
  • At 3,167, Sept 2021’s Closed Sales are down 2.6% from Sept 2020’s 3,251, and also down 1.6% from the previous month/August’s total of 3,219
  • At 3,170, Sept 2021’s Pending Sales increased 0.6% from Sept 2020’s 3,152, and decreased 10.3% from the previous month/August’s total of 3,535.
  • The Average Sale Price in Sept 2021 of $571,500 is up $61,500 from last year/Sept 2020’s $510,000, and down $12,100. from the previous month/August’s $583,600.   
  • The “Median” Sale Price (the price smack dab in the middle of all sales) in Sept 2021 of $510,000 rose $59,000 from last year/Sept 2020’s $451,000, and was down $15,000 from the previous month/August’s $525,000.

August (+July) 2021 Numbers/Neighborhood Report

Hello everybody!  Its been a very busy few months here in real-estate-world, so I’ve  been remiss in keeping up with my Blog posts etc.  I’ve got the latest numbers that just came out a few days ago here for August, and have pasted my report for July below as well : )

Here is your look at the latest data covering the greater Portland area for August according to RMLS. Specific information on Neighborhoods is broken out below.

Overview/Fluctuations ~  Market Data Aug 2021:                                                                                            August is never a robust month in Portland, but things are moving right along. With the exception of some slight shuffling, we saw a pretty “no-drama” month in terms of pricing stability and sales  compared to July. Market time remains only slightly different than July, at 23 days compared to July’s 20 days overall. New Listings dropped off for a bit as we’d expect, and Inventory rose slightly to a whopping 1-month’s supply (just a tad under last August).

Rates are hanging right at 3.0% as of today, but there is pressure on rates to move higher.

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

  • There were 3,698 New Listings in Aug 2021 dropping 4.8% from Aug 2020’s 3,885 and 13.3% from the previous month/July’s 4,267.
  • At 3,219, Aug 2021’s Closed Sales are up 2.2% from Aug 2020’s 3,149, and fell 6.4% from the previous month/July’s total of 3,439
  • At 3,535, Aug 2021’s Pending Sales decreased 4.4% from Aug 2020’s 3,697, and are also up 5.4% from the previous month/July’s total of 3,354.
  • The Average Sale Price in Aug 2021 of $583,600 is up $72,600 from last year/Aug 2020’s $511,000, and down $9,500. from the previous month/July’s $593,100.   
  • The “Median” Sale Price (the price smack dab in the middle of all sales) in Aug 2021 of $525,000 rose $76,000 from last year/Aug 2020’s $449,000, and also increased $3,000 from the previous month/July’s $522,000.

June 2021 PDX Market/Neighborhood Report

Overview/Fluctuations ~  Market Data June 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.

New Listings and Closings increased in June, and/but Accepted Offers (Pendings) decreased from last year’s June figures as well as from May.

Inventory rose a whopping .1% in June (ha ha). We’re still at record (record) lows. While we’re talking records, check out those neighborhood appreciation levels below. Just wow.

My trusted mortgage advisor says rates are down a bit to 3.0%! Fed is indicating that they’ll continue to support the markets as the job picture improves.

  • There were 4,298 New Listings in June 2021 increased 17.5% over April 2020’s 3,658 and increased 8.2% from the previous month/May’s 3,971.
  • At 3,477, June 2021’s Closed Sales are up 28.3% from June 2020’s 2,709, and also up 9.2% from the previous month/May’s total of 3,183
  • At 3,534, June 2021’s Pending Sales decreased 3.3% from June 2020’s 3,654, and also dropped 4.9% from the previous month/May’s total of 3,717.
  • The Average Sale Price in June 2021 of $597,100 is up $117,400 from last year/June2020’s $479,700, and up $14,900. from the previous month/May’s $582,200. 
  • The “Median” Sale Price (the price smack dab in the middle of all sales) in June 2021 of $521,000 rose $86,000 from last year/June 2020’s $435,000, and also increased $6,000 from the previous month/May’s $515,000.

When Looking At Houses~

• Notice the light and assess the windows– Have they been updated? If not, that’s an investment ahead.
• Try to ignore the staging and/or personal belongings– You’re potentially buying the house, and not these distracting things. They can, and in the case of staging, are meant to elicit emotional reactions in you. Stay focused on the house.
• Ask about the heat source– Different heating/cooling methods can drastically change your experience of the home in both functionality and in cost to you. For instance, if the source is “Electric”, that can be more expensive if it refers to baseboard, and much less expensive if it is a mini-split system. Oil heat has its own challenges, and gas furnaces may or may not be up to the task of heating a home today, especially if its been remodeled and additional SF has been added.
• Pay attention to how SF is presented– If a home is 2000SF, and 1000 of that is unfinished basement space, you may want to assess ahead of time if that is a home you want to view.
• Lot size & amenitites– You have general ideas of either wanting lots of space and/or privacy, or wanting to be in a friendly “neighborhood” environment with smaller lots closer together. Each home will be different.
-Do you have pets? If so, check out fencing and whether it’s adequate. If not, that can be fixed, but its an investment.
-Some large lots will be set back and have minimal yard space to enjoy with most of the area in the entrance, say, or perhaps a good percentage of the lot’s SF is on a hill.
-Some homes will be high maintenance, ie, if a home has that “falling in love” factor, and it is because of the beautiful gardens surrounding it on all sides….remember that those gardens need care- Are you a gardener? Are you OK with paying someone to maintain those grounds? Just good questions to ask yourself.
-Some smaller lots may be set closer to the street with ample backyard space.
-You’ll want to note whether the home has covered areas outside which can add more living space for you in the rainy months.
• Is the flooring to your liking? – If not that can be fixed, but its an investment. On the other hand, if a home has everything you want, the price is right, and you hate carpet, flooring can likely be changed for much less than you imagine, and often for much less than it will cost you to keep looking and pay for a different home that is priced higher than the actual cost of flooring because it is called “updated” or “remodeled” in the Listing. It’s fairly common to have a flooring contractor lined up to do the flooring work the day after Closing so that your move-in timeline is only slightly affected.
• Hate the kitchen counters? See my advice on flooring above.
• Keep things in perspective– While many homes will just not fit the bill, in this market, it pays to really assess what is important and what can be changed to your liking with a little investment on your part after Closing. For years now Buyers have not been in the mood to make any changes and have generally been looking for “move-in-ready”. Right now, we are at historic lows in inventory and have been for many months. If you find a home that meets most of your needs and/but could use a tweak here & there, my advice is: Go for it! Consider it an opportunity to make it your own.

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.