December 2021 - REAL ESTATE MARKET HIGHLIGHTS!! 🏡🙋♀️
We can see that interest rates have been slowly rising since August 2021, but they are still quite low. However, the Fed has signaled a series of interest rate hikes in March, so we'll keep an eye on how that affects mortgage rates.
In November, Northwest Portland, Southwest Portland, and Happy Valley had over one month of housing inventory. Only Northwest Portland and Lake Oswego had over one month of housing inventory in December. The month-on-month percentage change shows that Northeast Portland, Northwest Portland, Beaverton, Tigard, and Lake Oswego increase, with Beaverton having the largest at 34%. Hillsboro, Southwest Portland, Southeast Portland, Milwaukie, Happy Valley, and Gresham decrease, with Happy Valley the most significant at (36%). You can see all Housing Inventory graphs in slideshow gallery.
The Housing Demand month-on-month percentage change shows all but Happy Valley have decreased, with SW Portland showing the smallest at (7%) and NW Portland the largest at (43%). The Housing Supply month-on-month percentage change looks surprisingly similar to the Housing Demand, but the big difference is that every location has a double-digit decrease, with Beaverton having the smallest at (20%) and Milwaukie the largest at (45%). So we can see the volatility in Housing Supply and Demand and that it's very different in each location. You can see all Housing Demand and Housing Supply graphs in slideshow gallery.
An aggressive market is highlighted by low days-on-market. A days-on-market consistently less than 10 days is typically considered a seller's market. In November, North Portland, Southeast Portland, Milwaukie, and Happy Valley had a days-on-market of 10 days or more. In December, North Portland, Northeast Portland, Southeast Portland, Gresham, Milwaukie, Southwest Portland, and Northwest Portland had a days-on-market of 10 days or more. The month-on-month change shows that only Milwaukie, Happy Valley, and Lake Oswego decreased, and all other locations increased. You can see all Days-on-Market graphs in slideshow gallery.
As we look at the year-to-date change in median sold price between January 2021 and December 2021, all but NE Portland show an increase, with Lake Oswego showing the most significant growth at $210k. So we can see the year-to-date price increase, and we can also see the multi-year rise in prices from December 2019. Double-digit annual appreciation is not sustainable, and we can see the comparison of single-digit appreciation vs. double-digit appreciation. You can see all Sold Price graphs in slideshow gallery.
HOMES SOLD - The following slideshow contains a 24-month Homes Sold trend chart for each of the twelve locations.
Feel free to contact me with any questions.🙋♀️Have a great day!