Overview/Fluctuations ~ June 2023 Market Data:
Summer’s in full swing and homes priced correctly are flying off the shelf (as it were). Time on the Market dropped from 40 days in May to 33 days (47 days in April and 57 days in March). Average & Median Prices in the greater metro area have dropped since last year, and are increasing incrementally each month. Inventory rose from 1.9 months to 2.0 in June. Buyers are out and I hear more people saying they’re waiting till later this month (July) or August to move forward with Listings, so we’ll see how next month’s report looks. Check out the Neighborhood Breakdown below as some area prices went up and some went down from May.
Rates: “I’m seeing positive movement now with good inflation news. Rates are hanging in the high 6% range” Gary Boyer, Regional VP, Directors Mortgage
According to the RMLS Market Action Report for the Portland Metro Area-June 2023:
- There were 3,298 New Listings in June– which is down 23.2% from 4,295 in June 2022 and up 1.8% from the 3,200 in the previous month/May.
- At 2,085 June 2023’s Closed Sales (Solds) are down 27.9% from June 2022’s 2,893, and up 3.8% from the previous month’s total of 2,008.
- At 2,272 June 2023’s Pending Sales (Accepted Offers) are down 11.4% from June 2022’s 2,563, and also doen 4.5% from the previous month/May’s total of 2,379.
- The Average Sale Price for June 2023 of, $626,800 is down $6,500 from last year/June 2022’s $633,300, and up $8,000 from the previous month/May’s $618,800.
- The “Median Sale Price (the price smack dab in the middle of all sales) in June 2023 of $559,900 dropped $10,100 from June 2022’s $570,000, & is up $9,900 from May’s $550,000.
A Look At Each Area In & Around Portland: