Overview/Fluctuations ~ January 2023 Market Data:
Inventory has risen again which is a hopeful sign for 2023. Though we show some activity decreases from last January, we’re rising in New & Pending Sales over December. Prices took a hit during December as Sellers looked to secure Buyers toward the end of the year. Time will tell how prices will be affected as the year progresses, but all signs on the street are of a heating market even in these cold temperatures with Buyers out making offers, & sometimes competing, which can move prices higher. NAR is predicting lower rates this year. So, essentially, there is a promising waft in the air with prices stabilizing somewhat and Buyers moving on with their lives
Rates: “We have seen upward pressure on rates with inflation data coming in higher than expected, but thankfully no big move with rates staying in the lower 6% range.” Gary Boyer, Regional VP, Directors Mortgage
According to the RMLS Market Action Report for the Portland Metro Area-Jan 2023:
- There were 1,938 New Listings in Jan– down 16% from 2,307 in Jan 2022 and up 80.6% from the previous month/Dec’s 1,073.
- At 1,088 Jan 2023’s Closed Sales (Solds) are down 41.3% from Jan 2022’s 1,853, and decreased 25.7% from the previous month/Dec 2022’s total of 1,464.
- At 1,771 Jan 2023’s Pending Sales (accepted Offers) are down 22.6% from Jan 2022’s 2,287, and rose 46.8% from the previous month/Dec’s total of 1,206.
- The Average Sale Price for January 2023 of, $532,900 is down $53,700 from last year/Jan 2022’s $586,600, and down $33,800 from the previous month/Dec’s $566,700.
- The “Median” Sale Price (the price smack dab in the middle of all sales) in January 2023 of $489,500 dropped $22,500 from Jan 2022’s $512,000, and down $18,000 from December 2022.
PORTLAND NEIGHBORHOODS BREAKDOWN: