Category: Uncategorized

Posted on

Portland Market Stats & Neighborhood Report ~ August 2024

Overview/Fluctuations ~ August 2024 Market Data:       

Prices were notably declining across much of the Portland area during August (see Neighborhood Report below), with a few exceptions mostly in outer metro areas. New Listings are down 8.7% from last year at this time, and Pending sales are down 6.3% from the previous month/July. Anecdotally, we’ve noticed Buyers & Sellers saying they’re holding off till the Fed lowers rates… ***which it just did*** by ½ point! It also announced another likely rate cut this year. I guess we’ll see if that spurs more activity for our usual upswing in the Fall. Inventory is rising consistently if slightly.

Rates: “The Federal Reserve is confident inflation is in check. Rates should be solidly in the 5’s soon!”.      Gary Boyer, Regional VP, Gold Star Mortgage Financial  

According to the RMLS Market Action Report for the Portland Metro Area August 2024:

  • There were 2,669 New Listings in August which is down 8.7% from 2,923 in August 2023 and down 8.1% from the 2,905 in the previous month/July.
  • At 1,957 August 2024’s Closed Sales (Solds) are down 9.2% from August 2023’s 2,155 and down 5.7% from the previous month’s total of 2,075.
  • At 2,052 August 2024’s Pending Sales (Accepted Offers) changed 0.0% from August 2023’s 2,053, and decreased 6.3% from the previous month/July’s total of 2,191.
  • The Average Sale Price for August 2024 of, $620,800 is up$12,500. from last year/August 2023’s $608,300, and down $2,100 from the p­­revious month/July’s $622,900. 
  • The “Median Sale Price“ (the price smack dab in the middle of all sales) in August 2024 of $555,000 is up $19,000 August 2023’s $536,000, & up $5,000 from July’s $550,000    
Posted on

Portland Market Stats & Neighborhood Report ~ July 2024

July typically slows as folks are out of town on vacation and picks back up again in mid August. Average Sale Prices during the month of July in most all areas of Portland took a dip as homeowners competed for a smaller pool of Buyers, and Median Sale Prices (middle range-point) stayed essentially the same. Inventory is inching up, and people are generally anticipating the lowering of rates to come, when I expect more to be willing to part with their current home & move on to their next adventure.

***Be sure to see the NEIGHBORHOODS REPORT below:

Rates: “Good news on the inflation front is supporting the Fed cutting rates soon. Right now 30-year fixed rates are in the mid 6% range.  Gary Boyer, Regional VP, Gold Star Mortgage Financial  

According to the RMLS Market Action Report for the Portland Metro Area July 2024:

  • There were 2,905 New Listings in July which is up 0.2% from 2,899 in July 2023 and down 4.6% from the 3,044 in the previous month/June.
  • At 2,075 July 2024’s Closed Sales (Solds) are up 8.5% from July 2023’s 1,912 and down 0.3% from the previous month’s total of 2,081.
  • At 2,191 July 2024’s Pending Sales (Accepted Offers) increased 2.1% from July 2023’s 2,145, and decreased 1.2% from the previous month/June’s total of 2,217.
  • The Average Sale Price for July 2024 of, $622,900 is up$2,500. from last year/July 2023’s $620,400, and down $13,300 from the p­­revious month/June’s $636,200. 
  • The “Median Sale Price (the price smack dab in the middle of all sales) in July 2024 of $550,000 is basically the same as July 2023’s $549,900, & down $15,000 from June’s $565,000    
Posted on

Portland Market Stats & Neighborhood Report ~ June 2024

June took a nap on the activity front with decreased New Listings, Pending Listings and Closed Sales.  That was not my *personal* experience, Ha! But those are the June overall Portland area numbers.  At the same time, more houses are going on the market as we can see from the Inventory rising, and that may be owing to the fact that we see prices rising in most of the metro giving homeowners decent returns on their investments, with West Portland faring better than N, NE & SE Portland. As I mentioned last month, I am anticipating a busier than usual late summer season.

Rates: “Rates are holding steady in the mid 6% range as inflation eases. Markets are looking good!”      Gary Boyer, Regional VP, Gold Star Mortgage Financial  

According to the RMLS Market Action Report for the Portland Metro Area June 2024:

  • There were 3,044 New Listings in June which is down 7.7% from 3,298 in June 2023 and also down 13.2% from the 3,508 in the previous month/May.
  • At 2,081 June 2024’s Closed Sales (Solds) are down 0.2% from June 2023’s 2,085 and also down 2.8% from the previous month’s total of 2,140.
  • At 2,217 June 2024’s Pending Sales (Accepted Offers) decreased 2.4% from June 2023’s 2,272, and also down 6.2% from the previous month/May’s total of 2,363.
  • The Average Sale Price for June 2024 of, $636,200 is up$9,400. from last year/June 2023’s $626,800, and up $7,200 from the p­­revious month/May’s $629,000. 
  • The “Median Sale Price (the price smack dab in the middle of all sales) in June 2024 of $565,000 is up $5,100 from June 2023’s $559,900, & up $6,500 from May’s $558,500    
Posted on

Portland Market Stats & Neighborhood Report ~ May 2024

Overview/Fluctuations ~ May 2024 Market Data:       

Activity in the overall Portland area is robust with prices continuing to increase steadily, and Inventory remaining lower than in years past. I’m told the outlook going forward is good now for interest rates, and, I feel like a broken record sometimes, but it is a great time to make the life changes you’ve been putting off while prices remain where they are now and interest rates can be refinanced downward later. My intuition is that it will be an unusually busy July/August summer season.

Rates:“Recent GOOD news on the inflation front is helping. Rates are stable in the mid to upper 6% range.”  Gary Boyer, Regional VP, Gold Star Mortgage Financial

According to the RMLS Market Action Report for the Portland Metro Area May 2024:

  • There were 3,508 New Listings in May which is up 8.3% from 3,240 in May 2023 and up 12.4% from the 3,120 in the previous month/April.
  • At 2,140 May 2024’s Closed Sales (Solds) are up 6.6% from May 2023’s 2,008 and up 13.6% from the previous month’s total of 1,883.
  • At 2,363 May 2024’s Pending Sales (Accepted Offers) decreased 0.7% from May 2023’s 2,379, and are up .2% from the previous month/April’s total of 2,313.
  • The Average Sale Price for May 2024 of, $629,000 is up$10,200. from last year/May 2023’s $618,800, and up $10,100 from the p­­revious month/April’s $618,900. 
  • The “Median Sale Price (the price smack dab in the middle of all sales) in May 2024 of $558,500 is up $8,500 from May 2023’s $550,000, & up $15,500 from April’s $543,000    
Posted on

Portland Market Stats & Neighborhood Report ~ April 2024

Overview/Fluctuations ~ April 2024 Market Data:       

The biggest takeaway for me from April’s report is that prices are increasing, and significantly, over the prior month in almost every area.  Inventory remains low only inching up slightly, but we saw a spike in New Listings which were up 28.7% over the prior month. I’m always watching the changes and looking for trends. Though we have low inventory, prices are trending up at a good pace, and it’s better to buy when prices are lower and refi later than wait for rates to drop & pay more.

Rates:“Positive reports on inflation are pushing rates down into the upper 6% range.”              Gary Boyer, Regional VP, Directors Mortgage

According to the RMLS Market Action Report for the Portland Metro Area April 2024:

  • There were 3,120 New Listings in April which is up 17.6% from 2,653 in April 2023 and up 28.7% from the 2,425 in the previous month/March.
  • At 1,883 April 2024’s Closed Sales (Solds) are up 10.3% from April 2023’s 1,707 and up 19.3% from the previous month’s total of 1,578.
  • At 2,313 April 2024’s Pending Sales (Accepted Offers) are up 6.9% from March 2023’s 2,164, and up 8.2% from the previous month/March’s total of 2,138.
  • The Average Sale Price for March 2024 of, $618,900 is up$12,800. from last year/April 2023’s $606,100, and up $28,500 from the p­­revious month/March’s $590,400. 
  • The “Median Sale Price (the price smack dab in the middle of all sales) in April 2024 of $543,000 is up $13,000 from April 2023’s $530,000, & up $8,000 from March’s $535,000  
Posted on

Portland Market Stats & Neighborhood Report ~ March 2024

Overview/Fluctuations ~ March 2024 Market Data: Inventory indicates homeowners are still holding on to their properties, presumably waiting for some more pronounced indications of rates going down for their own purchases. And/but Buyers seem to have recognized that this is a temporary, albeit annoying situation wherein the strong economy is keeping the Fed from easing up just yet. Spring has sprung and we’re seeing most neighborhoods/areas inching up in demand and price…yet another reason Buyers are not waiting. ***Be sure to look at the neighborhood breakdown at the bottom here.

Rates:“Rates have pushed higher from persistent inflation. They are currently on the low 7% range.”         Gary Boyer, Regional VP, Directors Mortgage

This month I’m including this heat map that illustrates the narrowing of the majority of sales activity around certain price ranges in the last few years across the greater Portland metropolitan area.

According to the RMLS Market Action Report for the Portland Metro Area March 2024:

  • There were 2,425 New Listings in March which is down 7.5% from 2,623 in March 2023 and up 16.3% from the 2,085 in the previous month/February.
  • At 1,578 March 2024’s Closed Sales (Solds) are down 9.6% from March 2023’s 1,745 and up 22.9% from the previous month’s total of 1,284.
  • At 2,138 March 2024’s Pending Sales (Accepted Offers) are up 2.8% from March 2023’s 2,079, and up 22.7% from the previous month/February’s total of 1,742.
  • The Average Sale Price for March 2024 of, $590,400 is up $5,900. from last year/March 2023’s $584,500, and up $13,500 from the p­­revious month/Feb’s $576,900. 
  • The “Median Sale Price (the price smack dab in the middle of all sales) in March 2024 of $535,000 is up $10,000 from March 2023’s $525,000, & up $5,000 from Feb’s $530,000  
Posted on

Portland Market Stats & Neighborhood Report ~ Feb 2024

Overview/Fluctuations ~ February 2024 Market Data: 

OK! We still need more Inventory but, noting the usual surge at the beginning of the year, we’re still in decent shape compared to recent history. More people are Listing their homes than at this time last year, and Buyer activity is up as evidenced by the rise in Pending sales/Accepted Offers over last month. East side prices all appear to be rising and we see West Portland, Beaverton, Tigard and Hillsboro areas all seeming to take a little dip.

Rates: “No surprises with recent inflation and jobs data means rates are holding steady 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 February 2024:

  • There were 2,085 New Listings in February which is up 18.2% from 1,764 in Feb 2023 and up 7.4% from the 1,941 in the previous month/January.
  • At 1,284 Feb 2024’s Closed Sales (Solds) are down 10.5% from Feb 2023’s 1,434, and up 14.6% from the previous month’s total of 1,120.
  • At 1,742 Feb 2024’s Pending Sales (Accepted Offers) are up 2.3% from Feb 2023’s 1,703, and up 16.8% from the previous month/January’s total of 1,492.
  • The Average Sale Price for Feb 2024 of, $576,900 is up$7,700. from last year/Feb 2023’s $569,200, and up $12,300 from the p­­revious month/Jan’s $564,600. 
  • The “Median Sale Price (the price smack dab in the middle of all sales) in Feb 2024 of $530,000 is up $17,100 from Feb 2023’s $512,900, & up $25,000 from Jan’s $505,000
Posted on

Portland Market Stats & Neighborhood Report ~ Jan 2024

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)

Posted on

Portland Year-End Stats & Neighborhood Report ~ Dec 2023

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)

Posted on

Portland Market Stats & Neighborhood Report ~ Nov 2023

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: