Overview/Fluctuations ~ October 2023 Market Data:
As we gear up for the holidays, activity is seasonally lower. But the most interesting thing for me to note is that the market seems to be stabilizing. I looked at last year’s October report, and prices were *much* more volatile at that time. Right now there is not so much fluctuation in price, and Inventory is continuing to rest at around 3 month’s worth. Overall activity is down a bit from last year in October.
Rates: “Great news this week showing inflation is continuing to slow. The Fed should be done raising rates! Look for more good news ahead.” Gary Boyer, Regional VP, Directors Mortgage
According to the RMLS Market Action Report for the Portland Metro Area-October 2023:
- There were 2,207 New Listings in October which is down 12.2% from 2,513 in Oct 2022 and down 18.7% from the 2,713 in the previous month/September.
- At 1,670 Oct 2023’s Closed Sales (Solds) are down 14.6% from Oct 2022’s 1,955, and decreased 2.7% from the previous month’s total of 1,717.
- At 1,625 Oct 2023’s Pending Sales (Accepted Offers) are down 11.4% from Oct 2022’s 1,835, and also down 10.2% from the previous month/September’s total of 1,809.
- The Average Sale Price for Sept 2023 of, $592,700 is up a whole $2,700. from last year/Oct 2022’s $592,000, and down $3,200 from the previous month/Sept’s $595,900.
- The “Median Sale Price (the price smack dab in the middle of all sales) in Oct 2023 of $525,000 dropped $12,000 from Oct 2022’s $537,000, & is down $12,400 from Sept’s $537,400.
NEIGHBORHOOD BREAKDOWN:
