Author: Michael Chase

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)

Overview/Fluctuations ~ December 2023 – YEAR END Market Data:                                  

It’s been an interesting and atypical year in real estate overall. What we can see is that the market seems to be stabilizing with Inventory on it’s way to normalizing and prices stabilizing somewhat, ie still up over last year, while down seasonally from the month prior. We’ve seen a decreasing trend in Activity since the beginning of the Fed’s rate-hiking spree in Fall of 2022, and/but that seems to be turning around now based on 2024’s start and coinciding with the Fed backing off and anticipated/stated continuance of that. All in all, the experts are predicting a flourishing 2024 real estate market, and that’s what we’re seeing on the ground in Portland, OR.                      

Rates: “Despite volatility with inflation numbers, rates are holding under 7% and looking great!”    Gary Boyer, Regional VP, Directors Mortgage

The twelve months of 2023 compared to 2022: New Listings, (29,689) decreased 18.%. Pending Sales (21,363) decreased 20.4%, and Closed Sales (20,941) decreased 25.2%.  By Comparison, Twelve months of 2022 as compared to 2021 from last year’s December Report: New Listings, (36,210) decreased 10.7%. Pending Sales (26,852) decreased 24.2%, and Closed Sales (27,985) decreased 20.5%. 

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

• There were 1,026 New Listings in December which is down 4.4% from 1,073 in Dec 2022 and down 43.9% from the 1,828 in the previous month/November.
• At 1,330 Dec 2023’s Closed Sales (Solds) are down 9.2% from Dec 2022’s 1,464, and decreased 1.0% from the previous month’s total of 1,344.
• At 1,309 Dec 2023’s Pending Sales (Accepted Offers) are up 8.5% from Dec 2022’s 1,206, and down 9.2% from the previous month/November’s total of 1,441.
• The Average Sale Price for Dec 2023 of, $586,800 is up$20,100. from last year/Dec 2022’s $566,700, and dropped $9,300 from the p­­revious month/Nov’s $596,100. 
• The “Median Sale Price (the price smack dab in the middle of all sales) in Dec 2023 of $525,000 is up $17,500 from Dec 2022’s $507,500, & dropped $2,600 from Nov’s $527,600.

NEIGHBORHOODS (Dec, Nov & Dec 2022):

**The data listed above is as reported by the Regional Multiple Listing Service (RMLS)

Overview/Fluctuations ~ November 2023 Market Data:

This time of year Inventory tends to go up a bit, but it’s notable that this is the most Inventory we’ve seen in November since 2013.  I just sat in on an annual presentation of forward projections for the coming year, and the experts participating, which included Lawrence Yun, Chief Economist for NAR, expect rates to drop several times and land around 5.75% by July. There is a lot of pent-up desire to sell among people who have been waiting for rates to drop a bit, and of course plenty of pent-up demand in Home-Buyers waiting for the same. For this reason, it is expected that we will see increasing activity starting in the spring & building as the year progresses.

Rates: “Rates have stabilized in the high sixes and I expect more good news going forward.” Gary Boyer, Regional VP, Directors Mortgage

Gary Boyer, Regional VP, Directors Mortgage

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

• There were 1,828 New Listings in November which is up 9.7% from 1,666 in Nov 2022 and down 17.2% from the 2,207 in the previous month/October.
• At 1,344 Nov 2023’s Closed Sales (Solds) are down 17.1% from Nov 2022’s 1,621, and decreased 19.5% from the previous month’s total of 1,670.
• At 1,441 Nov 2023’s Pending Sales (Accepted Offers) are down 3.8% from Nov 2022’s 1,498, and also down 11.3% from the previous month/October’s total of 1,625.
• The Average Sale Price for Nov 2023 of, $596,100 is up$11,500. from last year/Nov 2022’s $584,600, and up $3,400 from the p­­revious month/Oct’s $592,700. 
• The “Median Sale Price (the price smack dab in the middle of all sales) in Nov 2023 of $527,600 is up $1,700 from Nov 2022’s $525,900, & up $2,600 from Oct’s $525,000.

NEIGHBORHOODS:

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

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:

Overview/Fluctuations ~ Sept 2023 Market Data:                                                                                                               

Activity is down as you’d expect in Fall (New, Pending & Closed categories dropped), Inventory is up & prices are down. If you’re a Buyer this is your season!  If you’re a Seller, pricing right will draw out the activity & potential multiple Offers putting you in a good position. Most of the sales are narrowed between the $400,000 – $700,000 price range.

Rates: “Geopolitical events are tempering the pressure on rates. Currently rates are in your mid 7% range.”       Gary Boyer, Regional VP, Directors Mortgage

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

• There were 2,713 New Listings in Sept– which is down 13.9% from 3,151 in Sept 2022 and down 7.2% from the 2,923 in the previous month/August.
• At 1,717 Sep­t 2023’s Closed Sales (Solds) are down 23.2% from Sept 2022’s 2,237, and decreased 20.3% from the previous month’s total of 2,155.
• At 1,809 Sept 2023’s Pending Sales (Accepted Offers) are down 9.7% from Sept 2022’s 2,003, and also down 11.9% from the previous month/August’s total of 2,053.
• The Average Sale Price for Sept 2023 of, $595,900 is down  $2,800. from last year/Sep 2022’s $598,700, and down $12,400 from the previous month/August’s $608,300. 
• The “Median Sale Price (the price smack dab in the middle of all sales) in Sept 2023 of $537,400 dropped $10,600 from Sept 2022’s $548,000, & up just $500 from August’s $536,900.

NEIGHBORHOOD REPORT:

www.LindaRossi.net           

Overview/Fluctuations ~ August 2023 Market Data:   Sept 18, 2023

Here’s our mid-month look at the released numbers from the prior month~

We’re heading into the Fall season now, where activity tends to pick up after a lull/last hurrah of vacations in August. We tend to see an uptick in Listings and Buyers seem to be out in dedicated fashion.

In August Inventory showed a bit of a dip but not much. We still have a pretty pronounced shortage of homes persisting. Prices are down from July in most places. Check out the Neighborhood Report below for specifics on various parts of Portland’s metro & surrounding areas.

Rates (9/22/23): “It’s not clear when interest rates will begin to drop. However, the good news is that all of the major Central Banks chose not to raise this week. This is a big change from the past 18 months of activity.”       Gary Boyer, Regional VP, Directors Mortgage

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

• There were 2,923 New Listings in August– which is down 8.9% from 3,209 in August 2022 and up 0.8% from the 2,899 in the previous month/July.
• At 2,155 August 2023’s Closed Sales (Solds) are down 16.5% from August 2022’s 2,581, and increased 12.7% from the previous month’s total of 1,912.
• At 2,053 August 2023’s Pending Sales (Accepted Offers) are down 18.9% from August 2022’s 2,530, and also down 4.3% from the previous month/July’s total of 2145.
• The Average Sale Price for August 2023 of, $608,300 is up a slight  $600. from last year/August 2022’s $607,700, and down $12,100 from the previous month/July’s $620,400. 
• The “Median Sale Price (the price smack dab in the middle of all sales) in August 2023 of $536,000 dropped $12,400 from August 2022’s $548,400, & $13,900 from July’s $549,900.

Overview/Fluctuations ~ July 2023 Market Data:                                              Activity in July was down from last year and from the month prior. A slow-down in July is not exactly unusual as people go on vacation roughly after the 4^th of July onward, and then things pick back up a bit mid-August.  Metro Area Inventory is increasing at 2.4 months for July. Time-on-Market is holding at 33 days. I took a look at what price-ranges are getting the most action: In July 2021 the hottest range was $308,000-$506,000.    July 2023: $275,000-$422,000.  

***See Neighborhood Breakdown Report At The Bottom***

Rates: “Interest rates are being pressured higher right now. Currently, 30-year fixed rates are in the mid to upper 7% range”       Gary Boyer, Regional VP, Directors Mortgage

For the long-term, the  outlook is still positive: eight major research institutions are  all forecasting rates down next year. 

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

• There were 2,899 New Listings in June– which is down 23.0% from 3,763 in July 2022 and also down 12.1% from the 3,298 in the previous month/June.
• At 1,912 July2023’s Closed Sales (Solds) are down 19.3% from July 2022’s 2,369, and also down 8.3% from the previous month’s total of 2,085.
• At 2,145 July 2023’s Pending Sales (Accepted Offers) are down 12.3% from July 2022’s  2,445, and also down 5.6% from the previous month/June’s total of 2,272.
• The Average Sale Price for July 2023 of, $620,400 is down $15,300 from last year/July 2022’s $635,700, and down $6,400 from the previous month/June’s $626,800. 
• The “Median Sale Price (the price smack dab in the middle of all sales) in July 2023 of $549,900 dropped $16,100 from July 2022’s $566,000, & is down $10,000 from June’s $559,900.. 

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:

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:

Overview/Fluctuations ~ April 2023 Market Data: 

Inventory is creeping up, but just enough to meet where it was in February. If you look at last year/April vs this year, New, Pending and Sold  categories are all down 28-38% and New & Pending sales are up slightly from the previous month. Basically, there are still not enough homes to meet demand & Buyers are out actively looking, so we’re recovering ground, but slowly. As with most things, the housing market is affected by the news cycle, and it would be reasonable to surmise that the brinksmanship on display in Washington is temporarily giving people pause.

Rates: “Rates have pushed into the mid to upper 6% range over the debt ceiling fight.” Gary Boyer, Regional VP, Directors Mortgage

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

• There were 2,653 New Listings in April– which is down 28.0% from 3,684 in April 2022 and up 1.1% from the 2,623 in March 2023.
• At 1,707 April 2023’s Closed Sales (Solds) are down 38.6% from April 2022’s 2,782, and down 2.2% from the previous month/March 2023’s total of 1,745.
• At 2,164 April 2023’s Pending Sales (Accepted Offers) are down 28.0% from April 2022’s 3,005, and up 4.1% from the previous month/March’s total of 2,079.
• The Average Sale Price for April 2023 of, $606,100 is down $26,800 from last year/April 2022’s $632,900, and up $21,600 from the previous month/March’s $584,500. 
• The “Median” Sale Price (the price smack dab in the middle of all sales) in April 2023 of $530,000 dropped $30,000 from April 2022’s $560,000, & is up $5,000 from March 2023’s $525,000.