RMLS, the multiple listing service covering Metro Portland has just released their market action report for May, 2021 which has the market information through the end of April, 2021. First off, comparing 2021 to 2020 through the end of April, the Portland area average sale price has increased a WHOPPING 16.9% from $465,200 to $543,900! In the same comparison, the median sale price has increased 16.8% from $415,100 to $484,900, and the average market time in the entire metro area for all properties combined is still only is 0.8 of a month. As a comparator, most experts say a balanced market (equal buyers and sellers) is 5.5-6.5 months inventory.

This seems to be driven by low interest rates (still around or below 3%), along with lack of new homes being built, and many people moving to Portland with the whole working from home phenomenon. Caity and I have found ways to help your offer stand out from the others and have beaten out some cash offers on properties, so yes you can still find a home. 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.

I gathered up a lot of information and charts from the experts and threw it together in my spare bedroom with a green screen (and a nice shirt with shorts) and put together this six minute video sharing all that information with you. Its interesting what's fueling our market and where the experts say its going. We talk about inventory issues, new construction builds, interest rate predictions and much more. I'd love it if you watch, like and share the video (or this whole newsletter with your friends. Click on the video to watch.

I saw this published recently and it grabbed my attention. According to many reports there are about 14 MILLION households in America waiting on the sidelines to buy a house. To put that in perspective, we normally sell 5.5-6 million homes in any given year AND there are 115 million single family homes in the USA (not counting condos). What this means to you if you are thinking of selling is with the predicted low rates, this next 12-18 months should be a good time to sell.

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