Overview/Fluctuations ~ September Market Data:
Comparing the first nine months of 2022 to the same period in 2021, the Average Sale price has increased 8.6% overall and Median Sale price increased 8.9%. Sept volume in all categories (New, Pending & Sold) decreased from last year and the previous month, whereas in Sept of last year New Listings and Pending Sales actually increased. That said, this is now officially “Fall” and slowing down is normal. Inventory is up. Every year I especially tell Buyers that this is the absolute best time of year to buy in Portland, as Sellers tend to be more amenable to “discussions”, and this year this it’s particularly pertinent. I’m also advising my New Listing clients to get their properties on the market now in order to get them Sold prior to the holidays setting in. In all cases, we know what is happening in the market right now and can plan around that, whereas we don’t know what will be happening in the Spring, for instance. Rates: “Currently 30-year fixed rates are in the mid 6% range. Inflation pressures are persisting, however we have finally seen some leveling off on that front.” Gary Boyer, Regional VP, Directors Mortgage
According to the RMLS Market Action Report for the Portland Metro Area-Sept 2022:
- There were 3,151 New Listings in Sept 2022 – down 16.2% from 3,760 in Sept 2021 and down 1.7% from the previous month/August’s 3,209.
- At 2,237 Sept 2022’s Closed Sales (Solds) are down 29.4% from Sept 2021’s 3,167, and down 13.3% from the previous month/August 2022’s total of 2,581.
- At 2,003 Sept 2022’s Pending Sales (accepted Offers) are down 36.8% from Sept 2021’s 3,170, and also down 20.8% from the previous month/August’s total of 2,530.
- The Average Sale Price in September 2022 of, $598,700 is up $27,200 from last year/Sept 2021’s $571,500, and down $9,000 from the previous month/August’s $607,700.
- The “Median” Sale Price (the price smack dab in the middle of all sales) in September 2022 of $548,00 is up $38,000 over last year/Sept 2021’s $510,000, and is nearly the same as the previous month’s $548,400.
