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Portland Market Stats & Neighborhood Report ~ May 2023

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:

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Portland Market Stats & Neighborhood Report ~ April 2023

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. 
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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. 
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Portland Market Stats and Neighborhood Report, Jan 2023

Overview/Fluctuations ~ January 2023 Market Data:                                

Inventory has risen again which is a hopeful sign for 2023. Though we show some activity decreases from last January, we’re rising in New & Pending Sales over December. Prices took a hit during December as Sellers looked to secure Buyers toward the end of the year. Time will tell how prices will be affected as the year progresses, but all signs on the street are of a heating market even in these cold temperatures with Buyers out making offers, & sometimes competing, which can move prices higher.  NAR is predicting lower rates this year. So, essentially, there is a promising waft in the air with prices stabilizing somewhat and Buyers moving on with their lives

Rates: “We have seen upward pressure on rates with inflation data coming in higher than expected, but thankfully no big move 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-Jan 2023:

  • There were 1,938 New Listings in Jan– down 16% from 2,307 in Jan 2022 and up 80.6% from the previous month/Dec’s 1,073.
  • At 1,088 Jan 2023’s Closed Sales (Solds) are down 41.3% from Jan 2022’s 1,853, and decreased 25.7% from the previous month/Dec 2022’s total of 1,464.
  • At 1,771 Jan 2023’s Pending Sales (accepted Offers) are down 22.6% from Jan 2022’s 2,287,  and rose 46.8% from the previous month/Dec’s total of 1,206.
  • The Average Sale Price for January 2023 of, $532,900 is down $53,700 from last year/Jan 2022’s $586,600, and down $33,800 from the previous month/Dec’s $566,700. 
  • The “Median” Sale Price (the price smack dab in the middle of all sales) in January 2023 of $489,500 dropped $22,500 from Jan 2022’s $512,000, and down $18,000 from December 2022. 

PORTLAND NEIGHBORHOODS BREAKDOWN:

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Year-End Portland Market & Neighborhood Report, Dec 31, 2022

Overview/Fluctuations ~ December 31, 2022- YEAR-END Market Data:

Inventory has risen substantially over December last year, and steadily in the last few months. Average & Median Values have risen by approx. $40,000 over the last year, which is good, but not as substantial an annual  increase as in the previous few years. Activity/Volume (Actives/Pendings/Solds) decreased across the  board from the last year/2021 and mostly occurring in the last few months as an apparent reaction to rates.                                                                                       

Rates: “Rates are still hovering in the lower 6% range. There has been less volatility lately which is a positive sign.” Gary Boyer, Regional VP, Directors Mortgage                                    

The twelve months of 2022 compared to 2021: New Listings, (36,210) decreased 10.7%. Sales (26,852)  decreased 24.2%, and Closed Sales (27,985) decreased 20.5%. By Comparison, Twelve months of 2021 as compared to 2020 from last year’s December Report read:  New Listings, (40,531) increased 5.4%. Pending Sales (35,405) increased 7.8%, and Closed  Sales (35,182) increased 9.8%.

According to the RMLS Market Action Report  for the Portland Metro Area-Dec 2022:

  • There were 1,073 New Listings in Dec 2022 – down 32.9% from 1,599 in Dec 2021 and down 35.6% from the previous month/Nov’s 1,666.
  • At 1,464 Dec 2022’s Closed Sales (Solds) are down 43.3% from Dec 2021’s 2,582, and down 9.7% from the previous month/Nov 2022’s total of 1,621.
  • At 1,206 Dec 2022’s Pending Sales (accepted Offers) are down 37.9% from Dec 2021’s 1,942, and also down 19.5% from the previous month/Nov’s total of 1,498.
  • The Average Sale Price for December 2022 of, $566,700 is down $16,200 from last year/Dec 2021’s $582,900, and down $17,900 from the previous month/Nov’s $584,600.  YTD Average is 610,900, up 6.8%  (+15.8% in 2021)
  • The “Median” Sale Price (the price smack dab in the middle of all sales) in December 2022 of $507,500 is down $3,500 from last year/Dec 2021’s $511,000, and down $18,400 from the previous month’s $525,900.  YTD Median is 548,400, up 7.7%   (+15.7 % in 2021) 
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Portland Market Stats and Neighborhood Report, Nov 2022

Overview/Fluctuations ~ November Market Data:       

Inventory continues to increase and prices remain somewhat stable with many areas/neighborhoods of Portland rising from the previous month & some lowering a bit (see neighborhoods below). Actual activity dropping in New Listings, Accepted Offers (Pendings) & Closed Sales from both the previous month (seasonal) & last year (likely adjusting for interest rate fluctuations).

“Real Estate remains the #1 asset class as a protection against inflation.” Brian Buffini


Rates: “Rates have been improving with inflation pressures easing. Right now 30-year fixed rates are in the low 6% range.” Gary Boyer, Regional VP, Directors Mortgage

According to RMLS Market Action Report  for the Portland Metro Area-Nov 2022:

  • There were 1,666 New Listings in Nov 2022 – down 25.3% from 2,229 in Nov 2021 and down 33.7% from the previous month/Oct’s 2,513.
  • At 1,621 Nov 2022’s Closed Sales (Solds) are down 42.8% from Nov 2021’s 2,832, and down 17.1% from the previous month/Oct 2022’s total of 1,955.
  • At 1,498 Nov 2022’s Pending Sales (accepted Offers) are down 43.7% from Nov 2021’s 2,660, and also down 18.4% from the previous month/Oct’s total of 1,835.
  • The Average Sale Price in November 2022 of, $584,600 is up $9,000 from last year/Nov 2021’s $575,600, and down $7,400 from the previous month/Oct’s $592,000.  
  • The “Median” Sale Price (the price smack dab in the middle of all sales) in November 2022 of $525,900 is up $8,100 over last year/Nov 2021’s $517,800, and down $11,100 from the previous month’s $537,000.
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Portland Market Stats and Neighborhood Report, Oct 2022

Overview/Fluctuations ~ October Market Data:                                                                                                               

It’s fascinating to me as I take a look at this enigmatic market. Assessing neighborhoods (or areas of Portland) is of more interest to me than “overall” numbers as I can see closer to the ground that way. I added a couple columns so that we can look at the previous month/September vs October as that is where we can truly gauge the ultra-current local shifts. As much as I hear speculations about Buyer abstinence & power shifts in the market, I see that Inventory is up, and prices are not really doing anything dramatic. Some neighborhoods actually saw price increases in October over September, and the Median prices holding show that when push comes to shove, the price ranges people had in mind in  Sept held firm in October. This surprises me a little, and/but is heartening in the sense that it may indicate: folks are moving ahead with life plans regardless, prices have stabilized, and perhaps an understanding that rates are temporary & that there are options to change them down the road a bit.

Rates: “Inflation is showing signs of peaking which is good news for mortgage rates. 30-year fixed rates are in the mid 6’s right now.” Gary Boyer, Regional VP, Directors Mortgage 

According to the RMLS Market Action Report  for the Portland Metro Area-Oct 2022:

  • There were 2,513 New Listings in Oct 2022 – down 22.2% from 3,232 in Oct 2021 and down 20.2% from the previous month/Sept’s 3,151.
  • At 1,955 Oct 2022’s Closed Sales (Solds) are down 37.5% from Oct 2021’s 3,129, and down 12.6% from the previous month/Sept 2022’s total of 2,237.
  • At 1,835 Oct 2022’s Pending Sales (accepted Offers) are down 42.4% from Oct 2021’s 3,187, and also down 8.4% from the previous month/Sept’s total of 2,003.
  • The Average Sale Price in October 2022 of, $592,000 is up $16,800 from last year/Oct 2021’s $575,200, and down $6,700 from the previous month/Sept’s $598,700.  
  • The “Median” Sale Price (the price smack dab in the middle of all sales) in October 2022 of $537,000 is up $21,000 over last year/Oct 2021’s $516,000, and down $11,000 from the previous month’s $548,000.
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Portland Market Stats & Neighborhood Report, Sept 2022

Overview/Fluctuations ~ September Market Data:

Comparing the first nine months of 2022 to the same period in 2021, the Average Sale price has increased 8.6% overall and Median Sale price increased 8.9%. Sept volume in all categories (New, Pending & Sold) decreased from last year and the previous month, whereas in Sept of last year New Listings and Pending Sales actually increased. That said, this is now officially “Fall” and slowing down is normal. Inventory is up. Every year I especially tell Buyers that this is the absolute best time of year to buy in Portland, as Sellers tend to be more amenable to “discussions”, and this year this it’s particularly pertinent. I’m also advising my New Listing clients to get their properties on the market now in order to get them Sold prior to the holidays setting in. In all cases, we know what is happening in the market right now and can plan around that, whereas we don’t know what will be happening in the Spring, for instance. Rates: “Currently 30-year fixed rates are in the mid 6% range. Inflation pressures are persisting, however we have finally seen some leveling off on that front.” Gary Boyer, Regional VP, Directors Mortgage

According to the RMLS Market Action Report  for the Portland Metro Area-Sept 2022:

  • There were 3,151 New Listings in Sept 2022 – down 16.2% from 3,760 in Sept 2021 and down 1.7% from the previous month/August’s 3,209.
  • At 2,237 Sept 2022’s Closed Sales (Solds) are down 29.4% from Sept 2021’s 3,167, and down 13.3% from the previous month/August 2022’s total of 2,581.
  • At 2,003 Sept 2022’s Pending Sales (accepted Offers) are down 36.8% from Sept 2021’s 3,170, and also down 20.8% from the previous month/August’s total of 2,530.
  • The Average Sale Price in September 2022 of, $598,700 is up $27,200 from last year/Sept 2021’s $571,500, and down $9,000 from the previous month/August’s $607,700.  
  • The “Median” Sale Price (the price smack dab in the middle of all sales) in September 2022 of $548,00 is up $38,000 over last year/Sept 2021’s $510,000, and is nearly the same as the previous month’s $548,400.
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Portland Market Stats & Neighborhood Report, August 2022

Overview/Fluctuations ~ Market Data:  

As we move from summer to fall, we see a continuing trend of market stabilization. Inventory is still holding its own compared to last year but down slightly from the prior month. Prices are pulling back as far as the steep upward trend that we’ve been seeing, and activity remains strong with accepted Offers and Closings increasing in volume over July, and average time on market at 28 days. Even so, we’re slower this year than August 2021.

Rates: “Rates have pushed up based on inflation and are now around 6% for a 30-year fixed rate mortgage.” Gary Boyer, Regional VP, Directors Mortgage                                                                                                                                                                                                

According to the RMLS Market Action Report  for the Portland Metro Area-Aug 2022:

  • There were 3,209 New Listings in August 2022– down 13.2% from 3,698 in August 2021 and down 14.7% from the previous month/July’s 3,763.
  • At 2,581 August 2022’s Closed Sales (Solds) are down 19.8% from August 2021’s 3,219, and up 8.9% from the previous month/July 2022’s total of 2,369.
  • At 2,530 August 2022’s Pending Sales (accepted Offers) are down 28.4% from August 2021’s 3,535, and also down 3.5% from the previous month/July’s total of 2,445.
  • The Average Sale Price in August 2022 of, $607,700 is up $24,100 from last year/August 2021’s $583,600, and took a quick dive of $28,000 from the previous month/July’s $635,700.  
  • The “Median” Sale Price (the price smack dab in the middle of all sales) in August 2022 of $548,400 rose from last year/August 2021’s $525,000 by $23,000, and is down $17,600 from the previous month’s $566,000.