Here is your breakdown from the previous month/January for Portland and surrounding areas. ***Be sure to check out the Neighborhood Report which categorizes down into smaller pieces.
Overview/Fluctuations ~ January 2024 Market Data:
The big stories are that the Portland Metro area saw a jump in overall inventory, and New Listings shot up over last month by 89.2%. Neither of these things is unusual as we move past the dividing line into the New Year, and/but there is a general feeling that this is just the beginning of a new trend. We’ll have to see what the numbers are for Feb once they’re available. We also see downward motion on the overall sale price numbers from December… That is not necessarily unusual either because the end of the year is a notorious time for people to want to negotiate aggressively for various reasons.
Rates: “Rates have stabilized in the low to mid 6% range. I don’t anticipate major movement in the next few weeks” Gary Boyer, Regional VP, Directors Mortgage
According to the RMLS Market Action Report for the Portland Metro Area January 2024:
- There were 1,941 New Listings in January which is up 0.2% from 1,938 in Jan 2023 and a whopping 89.2% from the 1,026 in the previous month/December.
- At 1,120 Jan 2024’s Closed Sales (Solds) are up 2.9% from Jan 2023’s 1,088, and down 15.8% from the previous month’s total of 1,330.
- At 1,492 Jan 2023’s Pending Sales (Accepted Offers) are down 15.8% from Jan 2023’s 1,771, and up 14.0% from the previous month/December’s total of 1,309.
- The Average Sale Price for Jan 2024 of, $564,600 is up$31,700. from last year/Jan 2023’s $532,900, and is down $22,200 from the previous month/Dec’s $586,800.
- The “Median Sale Price (the price smack dab in the middle of all sales) in Jan 2024 of $505,000 is up $15,500 from Jan 2023’s $489,500, & down $20,000 from Dec’s $525,000
NEIGHBORHOODS:
**The data listed above is as reported by the Regional Multiple Listing Service (RMLS)