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Overview/Fluctuations ~ October 2023 Market Data:
As we gear up for the holidays, activity is seasonally lower. But the most interesting thing for me to note is that the market seems to be stabilizing. I looked at last year’s October report, and prices were *much* more volatile at that time. Right now there is not so much fluctuation in price, and Inventory is continuing to rest at around 3 month’s worth. Overall activity is down a bit from last year in October.
Rates: “Great news this week showing inflation is continuing to slow. The Fed should be done raising rates! Look for more good news ahead.” Gary Boyer, Regional VP, Directors Mortgage
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According to the RMLS Market Action Report for the Portland Metro Area-October 2023:
- There were 2,207 New Listings in October which is down 12.2% from 2,513 in Oct 2022 and down 18.7% from the 2,713 in the previous month/September.
- At 1,670 Oct 2023’s Closed Sales (Solds) are down 14.6% from Oct 2022’s 1,955, and decreased 2.7% from the previous month’s total of 1,717.
- At 1,625 Oct 2023’s Pending Sales (Accepted Offers) are down 11.4% from Oct 2022’s 1,835, and also down 10.2% from the previous month/September’s total of 1,809.
- The Average Sale Price for Sept 2023 of, $592,700 is up a whole $2,700. from last year/Oct 2022’s $592,000, and down $3,200 from the previous month/Sept’s $595,900.
- The “Median Sale Price (the price smack dab in the middle of all sales) in Oct 2023 of $525,000 dropped $12,000 from Oct 2022’s $537,000, & is down $12,400 from Sept’s $537,400.
NEIGHBORHOOD BREAKDOWN:
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