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

January 2021 PDX Market/Neighborhood Report

Overview/Fluctuations ~  Market Data January 2021: 

The big story in January is that our Inventory increased from .8 to 1.0 months of supply. If you think that’s not much, you’re right! We continue to be at record lows in available homes. Last year in January we had 2.2 months of Inventory, which was low. The previous year (Jan 2019) we had 3.3 months of Inventory. So, the field is still competitive out there which means it is a terrific time to sell a home and if you’re buying, rates are still low hovering around 3.125, so, you’ll want to have a really skilled Realtor assisting you and… better not to wait!    (**See Neighborhood Breakdown Below)

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

  • There were 2,579 New Listings in Jan 2021 decreased  6.4% from Jan of 2020’s 2,754,  and increased 48.2% from the previous month/Dec’s 1,740.
  • At 1,847, Jan 2021’s Closed Sales are up 11.1% from Jan 2020’s 1,663, and down 33.8% from the previous month/Dec 2020’s total of 2,789
  • At 2,496, Jan 2021’s Pending Sales are up 9.9% from Jan 2020’s 2,271, and also up 24.6% from the previous month/Dec 2020’s total of 2,003.
  • The Average Sale Price in Jan 2021 of $514,700 is up $51,700 from last year/Jan 2020’s $463,000, and up $700. from the previous month/Dec 2020’s $514,000.   
  • The “Median” Sale Price (the price smack dab in the middle of all sales) in Jan 2021 of $460,000 rose from last year/Jan 2020’s $406,000 by $54,000, and decreased 5,000 from the previous month/Dec 2020’s $455,000.

Year-End December 2020 Report

Overview/Fluctuations ~ Dec 2020: 

Inventory is now at a stunning 0.8 months of supply in the Portland area. So… still lower than it’s ever been and getting lower, apparently, with Buyers out en force competing over existing Properties for sale.  Rates right  now are hovering at or under 3.0%.

The twelve months of 2019 compared to 2020:  New Listings, (38,442) decreased 5.2%, Pending Sales (32,849) increased 7.9%, and Closed Sales (32,031) increased 7.8%.

By Comparison, Twelve months of 2018 as compared to 2019 from that December report read: New Listings (40,579) decreased 1.7%, Pending Sales (30,430) increased 2.1% and Closed  Sales (29,700) decreased  0.2%.

 Portland Metro Area, Dec. 2020 (per RMLS data):

  • There were 1,740 New Listings in Dec 2020 increased 37% from Dec of 2019’s 1,270,   and decreased a whopping 22.3% from the previous month/Nov’s 2,238.
  • At 2,789, Dec 2020’s Closed Sales are up 26% from Dec 2019’s 2,213, and also up  6% from the previous month/Nov 2020’s total of 2,745
  • At 2,003, Dec 2020’s Pending Sales are up 13% from Dec 2019’s 1,772, and dropped 7% from the previous month/Nov 2020’s total of 2,557.
  • The Average Sale Price in Dec 2020 of $514,000 is up $56,300 from last year/Dec2019’s $457,700, and down $7,200 from the previous month/Nov 2020’s $521,200.   YTD increase is 7.6%.
  • The Median” Sale Price(the price smack dab in the middle of all sales) in Dec 2020 of $455,000 rose from last year/Dec2019’s $405,000 by $50,000, and decreased 2,000 from the previous month/Nov 2020’s $457,000. YTD increase is 7.3%.

Happy 2021 ~ Let’s Talk Inventory

Happy New Year!

As I’ve been talking about for the last few months, we have the lowest inventory right now in the Portland area that has ever been recorded. Roughly one-month’s supply.

I just thought it might be interesting for you to know that if you’ve been thinking about Listing your home, January isn’t usually the rev-up time yet… but THIS year? Rates are still low and projected to go higher, and Realtors are *literally* posting on peer-sites begging other Realtors to List homes for the Buyers that are in their pockets. So?  I’d say this is an amazing moment to put your home on the market if you’ve thought of doing so.