Portland Real Estate Up Close

Rates: “Rates are holding steady in the mid 6% range as inflation eases. Markets are looking good!”      Gary Boyer, Regional VP, Gold Star Mortgage Financial  

According to the RMLS Market Action Report for the Portland Metro Area June 2024:

• There were 3,044 New Listings in June which is down 7.7% from 3,298 in June 2023 and also down 13.2% from the 3,508 in the previous month/May.
• At 2,081 June 2024’s Closed Sales (Solds) are down 0.2% from June 2023’s 2,085 and also down 2.8% from the previous month’s total of 2,140.
• At 2,217 June 2024’s Pending Sales (Accepted Offers) decreased 2.4% from June 2023’s 2,272, and also down 6.2% from the previous month/May’s total of 2,363.
• The Average Sale Price for June 2024 of, $636,200 is up$9,400. from last year/June 2023’s $626,800, and up $7,200 from the p­­revious month/May’s $629,000. 
• The “Median Sale Price (the price smack dab in the middle of all sales) in June 2024 of $565,000 is up $5,100 from June 2023’s $559,900, & up $6,500 from May’s $558,500    

Rates:“Recent GOOD news on the inflation front is helping. Rates are stable in the mid to upper 6% range.”  Gary Boyer, Regional VP, Gold Star Mortgage Financial

According to the RMLS Market Action Report for the Portland Metro Area May 2024:

• There were 3,508 New Listings in May which is up 8.3% from 3,240 in May 2023 and up 12.4% from the 3,120 in the previous month/April.
• At 2,140 May 2024’s Closed Sales (Solds) are up 6.6% from May 2023’s 2,008 and up 13.6% from the previous month’s total of 1,883.
• At 2,363 May 2024’s Pending Sales (Accepted Offers) decreased 0.7% from May 2023’s 2,379, and are up .2% from the previous month/April’s total of 2,313.
• The Average Sale Price for May 2024 of, $629,000 is up$10,200. from last year/May 2023’s $618,800, and up $10,100 from the p­­revious month/April’s $618,900. 
• The “Median Sale Price (the price smack dab in the middle of all sales) in May 2024 of $558,500 is up $8,500 from May 2023’s $550,000, & up $15,500 from April’s $543,000    

According to the RMLS Market Action Report for the Portland Metro Area April 2024:

• There were 3,120 New Listings in April which is up 17.6% from 2,653 in April 2023 and up 28.7% from the 2,425 in the previous month/March.
• At 1,883 April 2024’s Closed Sales (Solds) are up 10.3% from April 2023’s 1,707 and up 19.3% from the previous month’s total of 1,578.
• At 2,313 April 2024’s Pending Sales (Accepted Offers) are up 6.9% from March 2023’s 2,164, and up 8.2% from the previous month/March’s total of 2,138.
• The Average Sale Price for March 2024 of, $618,900 is up$12,800. from last year/April 2023’s $606,100, and up $28,500 from the p­­revious month/March’s $590,400. 
• The “Median Sale Price (the price smack dab in the middle of all sales) in April 2024 of $543,000 is up $13,000 from April 2023’s $530,000, & up $8,000 from March’s $535,000  

Overview/Fluctuations ~ March 2024 Market Data: Inventory indicates homeowners are still holding on to their properties, presumably waiting for some more pronounced indications of rates going down for their own purchases. And/but Buyers seem to have recognized that this is a temporary, albeit annoying situation wherein the strong economy is keeping the Fed from easing up just yet. Spring has sprung and we’re seeing most neighborhoods/areas inching up in demand and price…yet another reason Buyers are not waiting. ***Be sure to look at the neighborhood breakdown at the bottom here.

Rates:“Rates have pushed higher from persistent inflation. They are currently on the low 7% range.”         Gary Boyer, Regional VP, Directors Mortgage

According to the RMLS Market Action Report for the Portland Metro Area March 2024:

• There were 2,425 New Listings in March which is down 7.5% from 2,623 in March 2023 and up 16.3% from the 2,085 in the previous month/February.
• At 1,578 March 2024’s Closed Sales (Solds) are down 9.6% from March 2023’s 1,745 and up 22.9% from the previous month’s total of 1,284.
• At 2,138 March 2024’s Pending Sales (Accepted Offers) are up 2.8% from March 2023’s 2,079, and up 22.7% from the previous month/February’s total of 1,742.
• The Average Sale Price for March 2024 of, $590,400 is up $5,900. from last year/March 2023’s $584,500, and up $13,500 from the p­­revious month/Feb’s $576,900. 
• The “Median Sale Price (the price smack dab in the middle of all sales) in March 2024 of $535,000 is up $10,000 from March 2023’s $525,000, & up $5,000 from Feb’s $530,000  

Overview/Fluctuations ~ February 2024 Market Data: 

OK! We still need more Inventory but, noting the usual surge at the beginning of the year, we’re still in decent shape compared to recent history. More people are Listing their homes than at this time last year, and Buyer activity is up as evidenced by the rise in Pending sales/Accepted Offers over last month. East side prices all appear to be rising and we see West Portland, Beaverton, Tigard and Hillsboro areas all seeming to take a little dip.

Rates: “No surprises with recent inflation and jobs data means rates are holding steady in the mid to upper 6% range”         Gary Boyer, Regional VP, Directors Mortgage

According to the RMLS Market Action Report  for the Portland Metro Area February 2024:

• There were 2,085 New Listings in February which is up 18.2% from 1,764 in Feb 2023 and up 7.4% from the 1,941 in the previous month/January.
• At 1,284 Feb 2024’s Closed Sales (Solds) are down 10.5% from Feb 2023’s 1,434, and up 14.6% from the previous month’s total of 1,120.
• At 1,742 Feb 2024’s Pending Sales (Accepted Offers) are up 2.3% from Feb 2023’s 1,703, and up 16.8% from the previous month/January’s total of 1,492.
• The Average Sale Price for Feb 2024 of, $576,900 is up$7,700. from last year/Feb 2023’s $569,200, and up $12,300 from the p­­revious month/Jan’s $564,600. 
• The “Median Sale Price (the price smack dab in the middle of all sales) in Feb 2024 of $530,000 is up $17,100 from Feb 2023’s $512,900, & up $25,000 from Jan’s $505,000

Here is your breakdown from the previous month/January for Portland and surrounding areas. ***Be sure to check out the Neighborhood Report which categorizes down into smaller pieces.

Overview/Fluctuations ~ January 2024 Market Data: 

The big stories are that the Portland Metro area saw a jump in overall inventory, and New Listings shot up over last month by 89.2%.  Neither of these things is unusual as we move past the dividing line into the New Year, and/but there is a general feeling that this is just the beginning of a new trend. We’ll have to see what the numbers are for Feb once they’re available.  We also see downward motion on the overall sale price numbers from December… That is not necessarily unusual either because the end of the year is a notorious time for people to want to negotiate aggressively for various reasons.

Rates: “Rates have stabilized in the low to mid 6% range. I don’t anticipate major movement in the next few weeks”         Gary Boyer, Regional VP, Directors Mortgage

According to the RMLS Market Action Report  for the Portland Metro Area January 2024:

• There were 1,941 New Listings in January which is up 0.2% from 1,938 in Jan 2023 and a whopping 89.2% from the 1,026 in the previous month/December.
• At 1,120 Jan 2024’s Closed Sales (Solds) are up 2.9% from Jan 2023’s 1,088, and down 15.8% from the previous month’s total of 1,330.
• At 1,492 Jan 2023’s Pending Sales (Accepted Offers) are down 15.8% from Jan 2023’s 1,771, and up 14.0% from the previous month/December’s total of 1,309.
• The Average Sale Price for Jan 2024 of, $564,600 is up$31,700. from last year/Jan 2023’s $532,900, and is down $22,200 from the p­­revious month/Dec’s $586,800. 
• The “Median Sale Price (the price smack dab in the middle of all sales) in Jan 2024 of $505,000 is up $15,500 from Jan 2023’s $489,500, & down $20,000 from Dec’s $525,000

NEIGHBORHOODS:

**The data listed above is as reported by the Regional Multiple Listing Service (RMLS)

Overview/Fluctuations ~ December 2023 – YEAR END Market Data:                                  

It’s been an interesting and atypical year in real estate overall. What we can see is that the market seems to be stabilizing with Inventory on it’s way to normalizing and prices stabilizing somewhat, ie still up over last year, while down seasonally from the month prior. We’ve seen a decreasing trend in Activity since the beginning of the Fed’s rate-hiking spree in Fall of 2022, and/but that seems to be turning around now based on 2024’s start and coinciding with the Fed backing off and anticipated/stated continuance of that. All in all, the experts are predicting a flourishing 2024 real estate market, and that’s what we’re seeing on the ground in Portland, OR.                      

Rates: “Despite volatility with inflation numbers, rates are holding under 7% and looking great!”    Gary Boyer, Regional VP, Directors Mortgage

The twelve months of 2023 compared to 2022: New Listings, (29,689) decreased 18.%. Pending Sales (21,363) decreased 20.4%, and Closed Sales (20,941) decreased 25.2%.  By Comparison, Twelve months of 2022 as compared to 2021 from last year’s December Report: New Listings, (36,210) decreased 10.7%. Pending Sales (26,852) decreased 24.2%, and Closed Sales (27,985) decreased 20.5%. 

According to the RMLS Market Action Report  for the Portland Metro Area December 2023:

• There were 1,026 New Listings in December which is down 4.4% from 1,073 in Dec 2022 and down 43.9% from the 1,828 in the previous month/November.
• At 1,330 Dec 2023’s Closed Sales (Solds) are down 9.2% from Dec 2022’s 1,464, and decreased 1.0% from the previous month’s total of 1,344.
• At 1,309 Dec 2023’s Pending Sales (Accepted Offers) are up 8.5% from Dec 2022’s 1,206, and down 9.2% from the previous month/November’s total of 1,441.
• The Average Sale Price for Dec 2023 of, $586,800 is up$20,100. from last year/Dec 2022’s $566,700, and dropped $9,300 from the p­­revious month/Nov’s $596,100. 
• The “Median Sale Price (the price smack dab in the middle of all sales) in Dec 2023 of $525,000 is up $17,500 from Dec 2022’s $507,500, & dropped $2,600 from Nov’s $527,600.

NEIGHBORHOODS (Dec, Nov & Dec 2022):

**The data listed above is as reported by the Regional Multiple Listing Service (RMLS)

Overview/Fluctuations ~ November 2023 Market Data:

This time of year Inventory tends to go up a bit, but it’s notable that this is the most Inventory we’ve seen in November since 2013.  I just sat in on an annual presentation of forward projections for the coming year, and the experts participating, which included Lawrence Yun, Chief Economist for NAR, expect rates to drop several times and land around 5.75% by July. There is a lot of pent-up desire to sell among people who have been waiting for rates to drop a bit, and of course plenty of pent-up demand in Home-Buyers waiting for the same. For this reason, it is expected that we will see increasing activity starting in the spring & building as the year progresses.

Rates: “Rates have stabilized in the high sixes and I expect more good news going forward.” Gary Boyer, Regional VP, Directors Mortgage

Gary Boyer, Regional VP, Directors Mortgage

According to the RMLS Market Action Report  for the Portland Metro Area November 2023:

• There were 1,828 New Listings in November which is up 9.7% from 1,666 in Nov 2022 and down 17.2% from the 2,207 in the previous month/October.
• At 1,344 Nov 2023’s Closed Sales (Solds) are down 17.1% from Nov 2022’s 1,621, and decreased 19.5% from the previous month’s total of 1,670.
• At 1,441 Nov 2023’s Pending Sales (Accepted Offers) are down 3.8% from Nov 2022’s 1,498, and also down 11.3% from the previous month/October’s total of 1,625.
• The Average Sale Price for Nov 2023 of, $596,100 is up$11,500. from last year/Nov 2022’s $584,600, and up $3,400 from the p­­revious month/Oct’s $592,700. 
• The “Median Sale Price (the price smack dab in the middle of all sales) in Nov 2023 of $527,600 is up $1,700 from Nov 2022’s $525,900, & up $2,600 from Oct’s $525,000.

NEIGHBORHOODS:

Overview/Fluctuations ~ October 2023 Market Data:                                                       

As we gear up for the holidays, activity is seasonally lower. But the most interesting thing for me to note is that the market seems to be stabilizing. I looked at last year’s October report, and prices were *much* more volatile at that time. Right now there is not so much fluctuation in price, and Inventory is continuing to rest at around 3 month’s worth. Overall activity is down a bit from last year in October.

Rates: “Great news this week showing inflation is continuing to slow. The Fed should be done raising rates! Look for more good news ahead.”       Gary Boyer, Regional VP, Directors Mortgage

According to the RMLS Market Action Report  for the Portland Metro Area-October 2023:

• There were 2,207 New Listings in October which is down 12.2% from 2,513 in Oct 2022 and down 18.7% from the 2,713 in the previous month/September.
• At 1,670 Oc­t 2023’s Closed Sales (Solds) are down 14.6% from Oct 2022’s 1,955, and decreased 2.7% from the previous month’s total of 1,717.
• At 1,625 Oct 2023’s Pending Sales (Accepted Offers) are down 11.4% from Oct 2022’s 1,835, and also down 10.2% from the previous month/September’s total of 1,809.
• The Average Sale Price for Sept 2023 of, $592,700 is up a whole $2,700. from last year/Oct 2022’s $592,000, and down $3,200 from the p­­revious month/Sept’s $595,900. 
• The “Median Sale Price (the price smack dab in the middle of all sales) in Oct 2023 of $525,000 dropped $12,000 from Oct 2022’s $537,000, & is down $12,400 from Sept’s $537,400.

NEIGHBORHOOD BREAKDOWN:

Overview/Fluctuations ~ Sept 2023 Market Data:                                                                                                               

Activity is down as you’d expect in Fall (New, Pending & Closed categories dropped), Inventory is up & prices are down. If you’re a Buyer this is your season!  If you’re a Seller, pricing right will draw out the activity & potential multiple Offers putting you in a good position. Most of the sales are narrowed between the $400,000 – $700,000 price range.

Rates: “Geopolitical events are tempering the pressure on rates. Currently rates are in your mid 7% range.”       Gary Boyer, Regional VP, Directors Mortgage

According to the RMLS Market Action Report  for the Portland Metro Area-Sept 2023:

• There were 2,713 New Listings in Sept– which is down 13.9% from 3,151 in Sept 2022 and down 7.2% from the 2,923 in the previous month/August.
• At 1,717 Sep­t 2023’s Closed Sales (Solds) are down 23.2% from Sept 2022’s 2,237, and decreased 20.3% from the previous month’s total of 2,155.
• At 1,809 Sept 2023’s Pending Sales (Accepted Offers) are down 9.7% from Sept 2022’s 2,003, and also down 11.9% from the previous month/August’s total of 2,053.
• The Average Sale Price for Sept 2023 of, $595,900 is down  $2,800. from last year/Sep 2022’s $598,700, and down $12,400 from the previous month/August’s $608,300. 
• The “Median Sale Price (the price smack dab in the middle of all sales) in Sept 2023 of $537,400 dropped $10,600 from Sept 2022’s $548,000, & up just $500 from August’s $536,900.

NEIGHBORHOOD REPORT: