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.
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