Author: Linda Rossi

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Portland Market Stats & Neighborhood Report ~ March 2023

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. 
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Portland Market Stats & Neighborhood Report ~ Feb 2023

Overview/Fluctuations ~ February 2023 Market Data:                               

It’s kind of a mixed bag of information coming in from last month’s data and current events. Firstly, Inventory took a dip in February contrasting with the steady rise we’ve been seeing over the last 5 months. Word on the street is that the photographers are very busy with Listing photo shoots, so it is likely a brief anomaly, but we’ll see when the March numbers come out. Overall I’d say it’s maybe a bit of a slow start, but we don’t really see the market dress up with everybody coming out to the party till March/April anyway. Closed sales are up 31.8% over January and prices are generally rising back from the drop they took in January (see Neighborhood Report below). Of course the big news right now is the banking sector and the way those issues will or will not affect interest rates and the Fed’s actions.

Rates: “After several weeks of pressure on rates moving higher, we are seeing a pullback with rates dropping to the lower 6% range.

Gary Boyer, Regional VP, Directors Mortgage

According to the RMLS Market Action Report  for the Portland Metro Area-Feb 2023:

  • There were 1,764 New Listings in Feb– down 31.4% from 2,571 in Feb 2022 and also down 9.0% from the previous month/Jan’s 1,938.
  • At 1,434 Feb 2023’s Closed Sales (Solds) are down 26.0% from Feb 2022’s 1,939, and/but up 31.8% from the previous month/Jan 2023’s total of 1,088.
  • At 1,703 Feb 2023’s Pending Sales (Accepted Offers) are down 30.5% from Feb 2022’s 2,452, and also down a smaller fraction of 3.8% from the previous month/Jan’s total of 1,771.
  • The Average Sale Price for February 2023 of, $569,200 is down $13,000 from last year/Feb 2022’s $582,200, and up a significant $36,300 from the previous month/Jan’s $532,900. 
  • The “Median” Sale Price (the price smack dab in the middle of all sales) in February 2023 of $512,900 dropped $12,100 from Feb 2022’s $525,000, and is up $23,400 from January 2023’s $489,500.