Portland Real Estate Up Close

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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. 

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. 

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. 

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:

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

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) 

Overview/Fluctuations ~ November Market Data:       

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.