Portland Real Estate Market Update- April 2021

April was another strong month in both closed and pending sales in the Portland Metro area!  New listings were up 17.3% over March and with interest rates still be hovering around or under 3%, buyers snatched up that extra inventory resulting in the same 0.8 months of inventory we saw in March.  High demand and soaring lumber prices (mostly affecting new construction, but starting to trickle down to all homes) have contributed to the average sale price increasing 16.9% year to date. 

Nationwide, in the first quarter of 2020, 46 metro areas saw double digit price appreciation.  In the first quarter of 2021, 163 metro areas saw double digit appreciation.  The prices have increased substantially AND thanks to lower interest rates, affordability is still better now than it was in 2017 and 2018 as shown by the chart below in terms of median income and the monthly mortgage payment on a median priced home. 

Our team is seeing some early signs of the market slowing just a bit.  This last week, new listings outpaced new pendings by much more than we’ve seen in awhile.  Listings aren’t receiving as many offers, so it’s a great time to get in the game and take advantage of the low rates.  If you’re not a homeowner, let’s talk!  You are missing out on some serious wealth building opportunities.