November ’21 Market Update

Hello neighbors. It’s time for our November Market Update featuring the new stats from October, 2021. I’m Julie Williams with Eleete Real Estate. So, remember that stuff I said last month about prices starting to inch down and inventory inching up? Well, nevermind inventory is down again, and prices are up a little bit. So in addition, there were 18% fewer price reductions on the west side last month than the previous month. So we are holding tight in our tight market and prices in October did not appear to be softening at all. So, if you’re thinking I’m ready to sell right now, but I just don’t know if I should pull the trigger, do it because inventory in December is usually the lowest of all. So, it’s just going to be a really great time for sellers. It’s a sellers market and yes, buyers, interest rates are still low for now. So there you go. Everybody wins. And where are mortgage rates right now? Well, conforming rates and jumbo rates are both at 3.125%. And as a little side note to that, to put it into perspective, my first mortgage was 10.25% and I was pretty excited to get such a low rate because it was a little higher than the day before. And while we’re on the topic of mortgages for medical professionals, Guild Mortgage has just come out with a new program for you. 100% financing, no private mortgage insurance with just a 700 minimum credit score and loan amounts up to 850,000. So that’s a pretty great program for medical professionals. If you’d like to get connected with that, let me know, and I will get you connected with somebody there at Guild Mortgage. Year to date, new listings are up 6.6%, pending sales are up 9% and closed sales are up 12.5%. Average sales prices are up 16.7% this year. Here are average home prices for October and market times for Portland’s west side and suburbs. So first of all, the overall Portland metropolitan area average price is 575,200 with 26 days on the market on average. Beaverton, Aloha comes in at 500,200 with 16 days on market. Hillsboro, Forest Grove, Cornelius comes in at 507,700 with 18 days on market. Tigard, Tualatin, Wilsonville, Sherwood at 633,900 with 18 days on market. Northwest Washington County at 665,800 with 20 days on market. West Portland at 700,500 with 51 days on market. I know that sounds a lot higher than the others, but I did check and that’s correct. And Lake Oswego, West Linn comes in at 853,200 with 24 days on market. In real estate news, Zillow has canceled their IBuying program because it was a losing proposition for them, but they own a surprising number of homes currently. So they will be selling all of those off. And many people are saying that this is proof that algorithm estimates of home values are very inaccurate. Now I’ve done some videos on this and related topics. So check them out on my Facebook business page or head on over to YouTube to see them there. As always reach out to me, to find out what we can do to get your home sold for more money, for the best terms by professionals who live here, work here and do this full-time and have your best interests at heart. I’m looking forward to hearing from you. Oh, and don’t forget whether up sizing or downsizing, my service will move you.