Overview/Fluctuations ~ Market Data February 2022:
In the first two months of 2022 as compared to the same period in 2021, New Listings have decreased 3.6%, Pending Sales have slightly increased at 0.6% and Closed Sales decreased 1.0%. Supply is still the drama queen affecting the local market and remains at historic lows, meaning Buyers are in heavy competition over what’s available. The other factor is rates. They are going to be going up, and not likely coming back down as low as they’ve been anytime soon, so if you’re wanting to purchase a home, it would be a good idea not to put it off.
Rates: “We have seen extreme volatility in the markets over the last few weeks. Right now 30-year fixed rates stand at about 4.125%.”Gary Boyer, Regional VP, Directors Mortgage
According to the RMLS Market Action Report for the Portland Metro Area- Feb 2022:
There were 2,571 New Listings in Feb 2022increased 3.9% from Feb of 2021’s 2,474, and increased 11.4% from the previous month/Jan’s 2,307.
At 1,939 Feb 2022’s Closed Sales are down 2.0% from Feb 2021’s 1,978, and up 4.6% from the previous month/Jan 2022’s total of 1,853
At 2,452 Feb 2022’s Pending Sales are up 11.1% from Feb 2021’s 2,208, and up 7.2% from the previous month/Jan 2022’s total of 2,287.
The Average Sale Price in Feb 2022 of $582,200 is up $40,200 from last year/Feb 2021’s $542,000, and down a bit at $4,400 from the previous month/Jan’s $586,600.
The “Median” Sale Price (the price smack dab in the middle of all sales) in Feb 2022 of $525,000 rose from last year/Feb 2021’s $479,100 by $45,900, and $13,000 from the previous month/Jan’s $512,000.
Looking at the first month of 2022 as compared to the same month last year, New Listings have decreased 10.5%, Pending Sales have decreased 8.4% and Closed Sales increased 0.3%. Supply is still the biggest issue affecting the local market and remains at historic lows with less than a few week’s worth of inventory available.
The other factor is rates~ While they remain very low, relatively speaking (for anyone who remembers how high they’ve been in the past) they’re hovering around 3.875% right now and all predictions are for several increases this year. This factor would be spurring more Buying activity than we currently see but for the lack of inventory. That said, it remains a given that savvy Buyers ought to be taking advantage of these rates now, and, generally speaking, would-be Sellers would be well advised to List now rather than wait till later.
According to the RMLS Market Action Report for the Portland Metro Area- Jan 2022:
There were 2,307 New Listings in Jan 2022decreased 10.5% from Jan of 2021’s 2,579, and decreased a whopping 44.3% from the previous month/Dec’s 1,599.
At 1,853 Jan 2022’s Closed Sales are up 0.3% from Jan 2021’s 1,847, and down 28.2% from the previous month/Dec 2021’s total of 2,582
At 2,287 Jan 2022’s Pending Sales are down 8.4% from Jan 2021’s 2,496, and up 17.8% from the previous month/Dec 2021’s total of 1,942.
The Average Sale Price in Dec 2021 of $586,600 is up $71,900 from last year/Jan 2021’s $514,700, and up $3,700 from the previous month/Dec2021’s $582,900.
The “Median” Sale Price (the price smack dab in the middle of all sales) in Jan 2022 of $512,000 rose from last year/Jan 2021’s $460,000 by $52,000, and also $1,000 from the previous month/Dec 2021’s $511,000.
Overview/Fluctuations ~ Market Data Dec 2021 (+2020):
Every year I like to add in a comparison at the end of the year to the year prior being as the December report offers a unique opportunity to look at just that. So, below you’ll find our usual monthly overview & Neighborhood Report along with a comparison; 2021 to 2020. I hope it gives you some insight that helps you increase your understanding of this area & maybe your own strategic options (if that’s relevant) a little better.
Inventory is now at a stunning 0.6 months of supply in the Portland area for December. Our supply has simply never been this low… a little more than 2 weeks of Inventory available. Rates as of this writing are hovering around 3.5%, and the Fed is signaling that rates will be rising.
The twelve months of 2021 compared to 2020: –New Listings, (40,531) increased 5.4%. –Pending Sales (35,405) increased 7.8%, and –Closed Sales (35,182) increased 9.8%. ***By Comparison, Twelve months of 2020 (to compare to 2021 above) from last year’s December report read: -New Listings, (38,442) decreased 5.2%, -Pending Sales (32,849) increased 7.9%, and -Closed Sales (32,031) increased 7.8%.
What I call the Black Hole of the Holidays is upon us! Meaning- while it is an amazing time to buy a home, there is also shrinking inventory even from the low levels we already had. So… great time to buy- just fewer homes available from which to choose. All that said, when you look at previous years, you can see inventory always takes a dip this time of year as both Buyers and Sellers become distracted with all the trappings of the season. So…nothing out of the ordinary, except for how low supply has fallen. Right now if you’re selling, you can be sure that the Buyers who are looking at your home are savvy, serious, and probably a bit sappy : ) That means…get the cookies in the oven and play those old timey holiday tunes in the background!
Rates: “Rates are being pushed up a bit with continued inflation concerns. Right now they are at about 3.375%.” Gary Boyer, Regional VP, Directors Mortgage
According to the RMLS Market Action Report for the Portland Metro Area, Nov 2021:
There were 2,229 New Listings in Nov 2021, down slightly at 0.4% from Nov 2020’s 2,238 and also down a whopping 31.0% from the previous month/Oct’s 3,232 (normal, seasonal stuff).
At 2,832, Nov 2021’s Closed Sales are up 3.2% from Nov 2020’s 2,745, and dropped 9.5% from the previous month/Oct’s total of 3,129
At 2,660, Oct 2021’s Pending Sales increased 4.0% from Nov 2020’s 2,557, and decreased 16.5% from the previous month/Oct’s total of 3,187.
The Average Sale Price in Nov 2021 of $575,600 is up $54,400 from last year/Nov 2020’s $521,200, and nearly the same as the previous month/Oct’s $575,200.
The “Median” Sale Price (the price smack dab in the middle of all sales) in Nov 2021 of $517,800 rose $60,800 from last year/Nov 2020’s $457,000, and was also up $1,800 from the previous month/Oct’s $516,000.
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.
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.
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.
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.
• 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.