Portland Market Stats and Neighborhood Report, Oct 2022

Overview/Fluctuations ~ October Market Data:                                                                                                               

It’s fascinating to me as I take a look at this enigmatic market. Assessing neighborhoods (or areas of Portland) is of more interest to me than “overall” numbers as I can see closer to the ground that way. I added a couple columns so that we can look at the previous month/September vs October as that is where we can truly gauge the ultra-current local shifts. As much as I hear speculations about Buyer abstinence & power shifts in the market, I see that Inventory is up, and prices are not really doing anything dramatic. Some neighborhoods actually saw price increases in October over September, and the Median prices holding show that when push comes to shove, the price ranges people had in mind in  Sept held firm in October. This surprises me a little, and/but is heartening in the sense that it may indicate: folks are moving ahead with life plans regardless, prices have stabilized, and perhaps an understanding that rates are temporary & that there are options to change them down the road a bit.

Rates: “Inflation is showing signs of peaking which is good news for mortgage rates. 30-year fixed rates are in the mid 6’s right now.” Gary Boyer, Regional VP, Directors Mortgage 

According to the RMLS Market Action Report  for the Portland Metro Area-Oct 2022:

  • There were 2,513 New Listings in Oct 2022 down 22.2% from 3,232 in Oct 2021 and down 20.2% from the previous month/Sept’s 3,151.
  • At 1,955 Oct 2022’s Closed Sales (Solds) are down 37.5% from Oct 2021’s 3,129, and down 12.6% from the previous month/Sept 2022’s total of 2,237.
  • At 1,835 Oct 2022’s Pending Sales (accepted Offers) are down 42.4% from Oct 2021’s 3,187, and also down 8.4% from the previous month/Sept’s total of 2,003.
  • The Average Sale Price in October 2022 of, $592,000 is up $16,800 from last year/Oct 2021’s $575,200, and down $6,700 from the previous month/Sept’s $598,700.  
  • The “Median” Sale Price (the price smack dab in the middle of all sales) in October 2022 of $537,000 is up $21,000 over last year/Oct 2021’s $516,000, and down $11,000 from the previous month’s $548,000.