February 2021 - 24 Months Real Estate Market Trends for Portland, OR & more!
February 2021 Real Estate Market Trends - Portland, Hillsboro, Beaverton, Tigard, Lake Oswego, Milwaukie, Happy Valley, Gresham
February 2021 Market Trends - BIG INTEREST RATE UPDATE!
But first, let's do a quick recap of our 12 locations. We've got the Portland neighborhoods of North, Northeast, Southeast, Southwest, and Northwest. Then we have adjacent areas of Hillsboro, Beaverton, Tigard, Lake Oswego, Milwaukie, Happy Valley, and Gresham. Now to the interest rate news.
Interest rates are rising and are now over 3%. While this is still very low, you can see the sharp increase month-on-month from 2.74% to 3.25%. This is due to the economy's positive outlook, another stimulus package, and the vaccine rollout. But, housing inventory remains very low. Except for Happy Valley, SW Portland, and NW Portland, all locations have less than one month worth of inventory.
This is where trend-watching becomes very interesting and informative. If we look at Days on Market across all locations, Feb 2021 has the lowest days-on-market compared to Feb 2020 and Feb 2019 in all locations except Lake Oswego. The following slideshow contains a 24 month DOM trend chart for each of the twelve locations.
If we look at the Homes Sold trend across all locations, we can see Feb 2021 is behaving the same as Feb 2020 in North Portland, NE Portland, SE Portland, Tigard, Beaverton, Hillsboro, Happy Valley & Milwaukie. Only NW Portland, Gresham, Lake Oswego, and SW Portland show a variance. The following slideshow contains a 24 month Homes Sold trend chart for each of the twelve locations.
And last but not least, we can see that Feb 2021 Sold Price is the highest compared to the past 24 months in North Portland, SE Portland, SW Portland, NW Portland, Hillsboro, Beaverton, Lake Oswego, Milwaukie, and Gresham. The outliers of NE Portland, Tigard, and Happy Valley will be interesting to watch. The following slideshow contains a 24 month Sold Price trend chart for each of the twelve locations.
Have a great day! I'll see you next month!