May 2021 - Making Sense of the Crazy Real Estate Market in Portland, Oregon and beyond! 🏡🙋‍♀️💜

Let's get right into it. Interest rates are still in the low three's, which means you've got loads of buyers, with tons of purchasing power, desperately looking for a house to buy. So let's use these purple bars to represent this high buyer demand. The demand represented like this doesn't look too scary, so let's add the housing supply. Hello! Yep, a single house for all of those buyers. No friends in sight. And that's the problem. When you add the housing supply in orange next to the housing demand in purple, you begin to see why the market is so crazy. As clearly seen on this Housing Inventory Graph, all locations except NW Portland have less than one month's worth of housing inventory.

So what does this mean in the real world? Well, when a new listing comes on the market, it's instantly bombarded with multiple offers, all trying to outbid each other. So that means very low Days-on-market with all locations have a days-on-market of fewer than ten days. It also means that buyers are bidding up the sales prices, which jumps out when comparing sales prices year on year. Just look at a sampling of this trend. It's unbelievable! And these trends will continue as long as you have high buyer demand with limited housing supply.

See below for Quick Real Estate Market Trends by neighborhood!

Beaverton median sold price remained flat between May 2019 and May 2020 and increased 24% between May 2020 and May 2021.

You can see via the red line, May days-on-market has been below 10 days for the past three years.

You can see via the white line that there was a dip in Homes Sold between May 2019 and May 2020 that has slightly rebounded within the last year.

And lastly, Beaverton has a Demand of 291 homes and a Supply of 63 homes, which equals .22 months of housing inventory. Definite need for some more inventory in Beaverton.

Gresham's median sold price decreased 4% between May 2019 and May 2020 and increased 29% between May 2020 and May 2021.

As per the red line, May days-on-market has decreased from a high of 13 days in May 2019 to the current low of 5 days in May 2021.

You can see via the white line that there was a dip in Homes Sold between May 2019 and May 2020 that has slightly rebounded within the last year.

And lastly, Gresham has a Demand of 141 homes and a Supply of 50 homes, which equals .35 months of housing inventory. Definite need for some more inventory in Gresham.

Happy Valley's median sold price decreased 2% between May 2019 and May 2020 and increased 17% between May 2020 and May 2021.

As per the red line, May days-on-market has decreased from a high of 24 days in May 2020 to the current low of 5 days in April 2021.

You can see via the white line that there was a dip in Homes Sold between May 2019 and May 2020 that has since rebounded higher within the last year.

And lastly, Happy Valley has a Demand of 84 homes and a Supply of 59 homes, which equals .7 months of housing inventory. Definite need for some more inventory in Happy Valley.

Hillsboro median sold price increased 2% between May 2019 and May 2020 and increased 17% between May 2020 and May 2021.

You can see via the red line, May days-on-market has decreased from a high of 10 days in May 2020 to the current low of 5 days in May 2021.

You can see via the white line that there was a dip in Homes Sold between May 2019 and May 2020 that has since rebounded higher within the last year.

And lastly, Hillsboro has a Demand of 220 homes and a Supply of 57 homes, which equals .26 months of housing inventory. Definite need for some more inventory in Hillsboro.

Lake Oswego's median sold price decreased 6% between May 2019 and May 2020 and increased 34% between May 2020 and May 2021.

As per the red line, May days-on-market has decreased from a high of 14 days in May 2019 to the current low of 5 days in May 2021.

You can see via the white line that there was a dip in Homes Sold between May 2019 and May 2020 that has since rebounded higher within the last year.

And lastly, Lake Oswego has a Demand of 138 homes and a Supply of 78 homes, which equals .57 months of housing inventory. Definite need for some more inventory in Lake Oswego.

Milwaukie's median sold price remained flat between May 2019 and May 2020 and increased 21% between May 2020 and May 2021.

You can see via the red line, May days-on-market has been below 10 days for the past three years.

You can see via the white line that there was a dip in Homes Sold between May 2019 and May 2020 that has since rebounded higher within the last year.

And lastly, Milwaukie has a Demand of 116 Homes and a Supply of 36 homes, which equals .31 months of housing inventory. Definite need for some more inventory in Milwaukie.

NE Portland median sold price decreased 12% between May 2019 and May 2020 and increased 27% between May 2020 and May 2021.

You can see via the red line, May days-on-market has been below 10 days for the past three years.

You can see via the white line that there was a dip in Homes Sold between May 2019 and May 2020 that has since rebounded higher within the last year.

And lastly, NE Portland has a Demand of 357 Homes and a Supply of 187 homes, which equals .52 months of housing inventory. Definite need for some more inventory in NE Portland.

North Portland median sold price increased 3% between May 2019 and May 2020 and increased 22% between May 2020 and May 2021.

You can see via the red line, May days-on-market has been below 10 days for the past three years.

You can see via the white line that there was a dip in Homes Sold between May 2019 and May 2020 that has since rebounded higher within the last year.

And lastly, North Portland has a Demand of 163 Homes and a Supply of 97 Homes, which equals .6 months of housing inventory. Definite need for some more inventory in North Portland.

NW Portland's median sold price remained flat between May 2019 and May 2020 and increased 5% between May 2020 and May 2021.

You can see via the red line, May days-on-market has decreased from a high of 19 days in May 2019 to the current low of 5 days in May 2021.

You can see via the white line that there was a dip in Homes Sold between May 2019 and May 2020 that has since rebounded within the last year.

And lastly, NW Portland has a Supply of 331 homes and a Demand of 217 homes, which equals 1.53 months of housing inventory—giving NW Portland the highest inventory of all the locations.

SE Portland's median sold price increased 5% between May 2019 and May 2020 and increased 19% between May 2020 and May 2021.

You can see via the red line, May days-on-market has been below 10 days for the past three years.

You can see via the white line that there was a dip in Homes Sold between May 2019 and May 2020 that has since rebounded slightly higher within the last year.

And lastly, SE Portland has a Demand of 442 homes and a Supply of 250 homes, which equals .57 months of housing inventory. Definite need for some more inventory in SE Portland.

SW Portland median sold price increased 1% between May 2019 and May 2020 and increased 21% between May 2020 and May 2021.

You can see via the red line, May days-on-market has decreased from a high of 11 days in May 2019 to the current low of 5 days in May 2021.

You can see via the white line that there was a dip in Homes Sold between May 2019 and May 2020 that has since rebounded higher within the last year.

And lastly, SW Portland has a Demand of 261 homes and a Supply of 252 homes, which equals .97 months of housing inventory. Definite need for some more inventory in SW Portland.

Tigard's median sold price has increased 9% between May 2019 and May 2020 and increased 20% between May 2020 and May 2021.

You can see via the red line, May days-on-market has decreased from a high of 11 days in May 2020 to the current low of 4 days in May 2021.

You can see via the white line that there was a dip in Homes Sold between May 2019 and May 2020 that has since rebounded within the last year.

And lastly, Tigard has a Demand of 125 homes and a Supply of 36 homes, which equals .29 months of housing inventory. Definite need for some more inventory in Tigard.

Feel free to contact me with any questions.🙋‍♀️Have a great day, and I'll see you next month!