Portland Market Stats & Neighborhood Report ~ May 2023

Overview/Fluctuations ~ May 2023 Market Data:

Inventory is mysteriously staying the same (low).  So, the number of homes entering the market is increasing, the number of homes with accepted Offers is increasing, and the number of Closed sales is increasing…but Inventory is staying the same.  And if you look at the Neighborhood Report below you’ll see that in most areas on the east side (with the exception of Oregon City) the price is not moving dramatically from last month, while a few areas were really notable, such as Oregon City/Canby (which dropped by $46,500), West Portland (which rose by $42,500) and Beaverton/Aloha (which rose by $46,000).  Overall I’d say it looks to me like the west side is picking up faster than the eastside.

Rates: “Good news on the inflation front will help rates drop. Right now, we are still 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-May 2023:

  • There were 3,200 New Listings in May which is down 15.9% from 3,853 in May 2022 and up 22.1% from the 2,653 the previous month.
  • At 2,008 May 2023’s Closed Sales (Solds) are down 31.1% from May 2022’s 2,916, and up 17.6% from the previous month’s total of 1,707.
  • At 2,379 May 2023’s Pending Sales (Accepted Offers) are down 23.8% from May 2022’s 3,122, and up 9.9% from the previous month/April’s total of 2,164.
  • The Average Sale Price for May 2023 of, $618,800 is down $30,800 from last year/May 2022’s $649,600, and up $12,700 from the previous month/April’s $606,100. 
  • The “Median” Sale Price (the price smack dab in the middle of all sales) in May 2023 of $550,000 dropped $25,000 from May 2022’s $575,000, & is up $20,000 from April’s $530,000.

A Look At Each Area In & Around Portland: