RMLS, the multiple listing service covering Metro Portland has just released their market action report for April, 2021 which has the market information through the end of March, 2021. First off, comparing 2021 to 2020 through the end of March, the Portland area average sale price has increased a WHOPPING 16.6% from $461,600 to $538,200! In the same comparison, the median sale price has increased 14.9% from $415,000 to $477,000, and the average market time in the entire metro area for all properties combined now is 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 3%), along with lack of new homes being built, and many people moving to Portland from California to take advantage of working from home in an affordable (in comparison) home. Caity and I are also seeing a lot of sellers taking advantage of getting top dollar for their home while locking in a 30 fixed rate sub 3% loan on their next home. 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.

I have been doing a lot of videos lately to help home buyers and sellers. In this one done earlier this week, I put together five home buyer tips, things people thinking about buying a home should know before they start, especially in this demanding market. If you are thinking of buying a home, or know anyone who is please check this out as I think you will find it useful. Of course, feel free to forward this entire newsletter to anyone you think it can help.

I saw this published recently as to why home buyers feel buying a home is better than buying stocks, and I found it interesting. In a survey of consumer finances released by the federal reserve, they saw that net worth of homeowners is 40 times that of renters. FOURTY TIMES! The Liberty street economics blog puts it best, "housing represents the largest asset owned by most households and is a major means of wealth accumulation, particularly for the middle class"

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