RMLS, the multiple listing service covering Metro Portland has just released their market action report for March, 2021 which has the market information through the end of February 2021. First off, comparing 2021 to 2020 through February, the Portland area average sale price has increased a WHOPPING 14.8% from $460,200 to $528,500! In the same comparison, the median sale price has increased 15.3% from $407,500 to $470,000, and the average market time in the entire metro area for all properties combined now is only is 42 days.

Much of this is driven by lack of inventory combined with incredibly low interest rates. While rates snuck up a bit in the last 3 weeks, they are still hovering at about 3.0% which is amazing and expected to continue throughout 2021. The competition on offers is tough, but Caity and I have mastered many ways to help your offer stand out from the others and have beaten out some cash offers on properties. We also are getting top dollar for all our sellers with their homes, So if you are thinking of buying or selling a home or know someone who is, remember... Experience matters and we have been at this game since 1988 - 32 years, so reach out! You can view the entire 7 page report here.

In this video, Rob talks about how mortgage interest rates have snuck up a bit to a new average of 3.02%. I also discuss and share the "experts" surveys as to where interest rates should be throughout 2021, and show a chart showing average interest rates per decade for the last few decades. Suffice to say we have it pretty darn good right now with 3% 30 year fixed rate mortgages and even lower on 5, 10, 15 and 20 year mortgages. Check out the video and if you want a lender referral, let us know as we are connected with excellent lenders.

We can revisit this at the end of the year as all the sources were wrong in 2020. This chart is of course a national level chart, but for the Portland Metro area in 2020 our prices went up 11.2% or up to $514,000 average sales price as of December 31s, 2020. Note above right now its up again to $528,500. But with low inventory as well as historically low interest rates expected to continue I have no doubt the appreciation rates will be similar to this chart.

Thanks for checking out this newsletter, and thanks for supporting our real estate team for all these years. Many of you have reached out to me to talk about your real estate concerns. I love catching up with my clients and welcome your calls. Stay safe , ROB LEVY and CAITY ABOUAF