We can see that interest rates have been relatively consistent since February 2021. In October, two of the twelve locations had over one month of housing inventory, and now it's three locations in November. And the month-on-month percentage change shows that five locations have an increase, with Tigard having the highest at 23%. Seven of the 12 locations decrease, with Beaverton having the highest at (41%).
All twelve locations have decreased Housing Demand, with Gresham having the smallest at (3%) and Southwest Portland the largest at (34%). Similar to Housing Demand, all twelve locations have decreased Housing Supply. But the big difference is that every location has a double-digit decrease, with Lake Oswego having the smallest at (16%) and Beaverton the largest at (49%). So we can see that both Housing Supply and Demand are decreasing, but Supply is falling faster than demand in many locations.
So what effect does this limited inventory have on the number of Homes Sold? Surprisingly, there is enough inventory to support "consistent sales activity" in SE Portland, Beaverton, Milwaukie, Gresham, and Happy Valley. There's enough inventory to support "increased sales activity" in North Portland, NE Portland, Hillsboro, NW Portland, SW Portland, and Tigard. In fact, only Lake Oswego is showing a decrease in Homes Sold. So what does this mean? Well, the inventory isn't so minimal as to limit sales activity; it just makes the market more aggressive and expensive.
An aggressive market is signified by low days-on-market. A days-on-market consistently less than 10 days is typically considered a seller's market. In October, only Northwest Portland had a days-on-market over 10 days. In November, North Portland, Southeast Portland, Milwaukie, and Happy Valley had a days-on-market of 10 days or more. The month-on-month change shows that North Portland, Southeast Portland, Lake Oswego, Milwaukie, and Happy Valley had days-on-market increases. The remaining seven locations had no change or decreased, with the most significant decrease being (5) days in Northwest Portland.
When we look at the year-to-date median sold price, we see that every location but NE Portland shows an increase, with Lake Oswego having the most significant increase at $162k. We can also take a look at the multi-year appreciation from November 2019. There is single-digit appreciation in 7 of 24, and there is double-digit appreciation in 17 of 24. Double-digit annual appreciation is not sustainable, but that's the majority of what we see when we look at the past two years.
HOUSING INVENTORY - The following slideshow contains: current month and prior month Housing Inventory on the map, month-on-month Housing Inventory % change on map, August to November Housing Inventory Bar Graphs, and YTD Housing Inventory trend chart for each of the twelve locations.
HOUSING SUPPLY VS HOUSING DEMAND - The following slideshow contains: current month and prior month Housing Demand on the map, month-on-month Housing Demand % change on map, 24-month Interest Rate Graph, current month and prior month Housing Supply on the map, month-on-month Housing Supply % change on map, YTD trend chart for each of the twelve locations. This trend details how Supply and Demand create Housing Inventory.
MEDIAN DAYS-ON-MARKET - The following slideshow contains: the current month Median Days-on-Market on the map, August to November Median Days-on-Market Bar Graphs, 24-month and 12-month Median Days-on-Market trend chart for each of the twelve locations. This trend helps you understand the speed of the real estate market. A Days-on-Market under 10 days is usually considered a seller's market.
MEDIAN SOLD PRICE - The following slideshow contains the current month Median Sold Price on the map, January 2021 Median Sold Price, and the year-to-date change in Median Sold Price. The 24-month Sold Price trend chart for each of the twelve locations. This trend shows the median sold price and the year-on-year percentage increase. The 12-month Sold Price trend for each of the twelve locations shows the gap between list price and sold price, detailing buyers' bidding up prices.
HOMES SOLD - The following slideshow contains a 24-month and 12-month Homes Sold trend chart for each of the twelve locations.
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