Portland Real Estate Market Update- February 2021

February brought more closed sales than January, but fewer new homes to the market.  There were 4% fewer new listings in February than January, but months of inventory held at a low 1.0 months.  The most notable change in February was the continued increase in prices.  In the last twelve months, the average sale price has increased a whopping 14.8% from $460,200 to $528,500 while the median home price has increased 15.3% from $407,500 to $470,000!  This is great news for those who already own a home who have gained an average of about $68,000 in the last year!  Wow!  More sellers are getting ready to cash in on their new found value and take advantage of low interest rates on their next home.  Navigating the selling and buying process can be a challenge right now and we have solutions!  Many of our sellers are getting up to an additional 60 days after closing in their current home allowing them time to find and close on their next property.  Buyers are navigating the low inventory and taking advantage of historically low interest rates although some are looking farther outside their ideal area or modifying their criteria a bit to stay within their budget.  Spring typically brings more inventory so it may open up some options for buyers soon!