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
