Overview/Fluctuations ~ March 2023 Market Data:
New, Pending & Sold Listings are all up from the previous month, which is what we’d expect at this time of year. Inventory stayed pretty close to last month, dipping a little. Prices are up everywhere except for Milwaukie, NW Washington County& Hillsboro. Activity is strong and this spring I think we’re looking at lots of Buyers out looking for homes & not as many actually available ratio-wise… You know what that means.
It looks like the jobs numbers are coming more in line w/what the Fed wants to see, so the big pain *may* be ending and rates may start to come down. Here’s what our resident expert has to say about that:
Rates: “We have seen the rate markets stabilize recently 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-March 2023:
- There were 2,623 New Listings in March– down 25.5% from 3,521 in March 2022 and up a whopping 48.7% from the previous month/Feb’s 1,764.
- At 1,745 March 2023’s Closed Sales (Solds) are down 35.0% from March 2022’s 2,683, and/but up 21.7% from the previous month/Feb 2023’s total of 1,434.
- At 2,079 March 2023’s Pending Sales (Accepted Offers) are down 31.7% from March 2022’s 3,045, and up 22.1% from the previous month/Feb’s total of 1,703.
- The Average Sale Price for March 2023 of, $584,500 is down $26,400 from last year/March 2022’s $610,900, and up $15,300 from the previous month/Feb’s $569,200.
- The “Median” Sale Price (the price smack dab in the middle of all sales) in February 2023 of $525,000 dropped $25,000 from March 2022’s $550,000, up $12,100 from Feb 2023’s $512,900.