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.
