March 2021 - 24 Months Real Estate Market Trends for Portland, OR & more!
March 2021 Real Estate Market Trends - Portland, Hillsboro, Beaverton, Tigard, Lake Oswego, Milwaukie, Happy Valley, Gresham
March 2021 Market Trends - Trends are Key to Understanding the Market!
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 market trends!
Interest rates remain in the low 3's and have decreased a little recently. So still a very desirable rate for home buyers. And Housing Inventory remains very low, with all locations having less than one month's worth of inventory, except for SW Portland, Happy Valley, and NW Portland.
Days-on-Market is one of those trends that can stand on its own and provide tons of information at-a-glance. Here we have the bar graphs for the median days-on-market for each location by month. You can quickly see in March 2021, every location has a median days-on-market of less than 10 days, which typically means a seller's market. And it's the first time that's happened for the year 2021.
As we look at the 24-month trend line for each location, you can see that March 2021 has the lowest days-on-market in the month of March for the past two years in every location. Additionally, for North Portland, NE Portland, SE Portland, SW Portland, Hillsboro, Beaverton, Tigard, Gresham, and Lake Oswego, March 2021 has the lowest median days-on-market for the past two years.
The following slideshow contains a 24 month DOM trend chart for each of the twelve locations.
If we look at Sold Price trends, you can see that March 2021 has the highest sold price for the past two years in North Portland, Lake Oswego, Tigard, Gresham, Hillsboro and SE Portland.
And while that's very interesting, it's also worth noting the trend of a visible gap between list price and sold price. You can see in North Portland that there's been a noticeable separation since March 2020 between the List Price in white and the sold price in red. You can see the same occurrence in NE Portland, SE Portland, and Milwaukie. Now compare that with NW Portland, where there's barely any daylight between the list price and sold price. It will be interesting to keep an eye on these trends in the coming months.
The following slideshow contains a 24 month List Price vs Sold Price trend chart for each of the twelve locations.
And last but not least, the Homes Sold trend. It's important to note that the Homes Sold trend is not a trend that can be wholly informative on its own. You can see the number of homes sold within a location and how it compares to the previous years, but it doesn't necessarily provide an accurate indication of the market's speed. If inventory is low, it can make homes sold numbers low, but that doesn't mean it isn't an aggressive seller's market. Homes Sold is an informative part of the market story when presented alongside the other trends.
The following slideshow contains a 24 month Homes Sold trend chart for each of the twelve locations.
Have a great day! I'll see you next month!