Overview/Fluctuations ~ October 2024 Market Data:
Portland is humming along, though Fall is a slower market traditionally as people enter the “Black Hole of the Holidays”. This year we were impacted with higher than expected rates & many holding off amidst election uncertainty to proceed in 2025 afresh. So, we are seeing a lot of Sellers removing their homes from the market & deciding to re-list in the Spring or after the first of the year. All that said, Closed Sales rose from both October 2023 & 2024, so perhaps that was a burst of Offers accepted right after the hotly anticipated/ultimately disappointing (for immediate mortgage rate relief) Fed rate cut on Sept 18th? Average Sale Price on the whole was down due to Buyer pressure as well.
Rates: “The election, economic reports and geopolitical events have not had much impact on rates. Rates are hovering in the 6% range. The next Fed Meeting is December 17-18th, and they are watching the economic data between now and then.” Gretchen Russell, Senior Mortgage Consultant,Two Rivers Mortgage
According to the RMLS Market Action Report for the Portland Metro Area October 2024:
- There were 2,283 New Listings in October which is up 3.4% from the 2,207 in Oct 2023 and down 11.8% from the 2,589 in the previous month/Sept.
- At 1,975 Oct 2024’s Closed Sales (Solds) are up 18.3% from Oct 2023’s 1,670 and from the previous month’s total of 1,702.
- At 2,018 Oct 2024’s Pending Sales (Accepted Offers) are up 24.2% from Oct 2023’s and decreased 2.8% over the previous month/Sept’s total of 2,076.
- The Average Sale Price for October 2024 of, $604,200 is up$11,500. from last year/Oct $592,700, and down $13,000 (!!) from the previous month/Sept’s $617,200.
- The “Median Sale Price (the price smack dab in the middle of all sales) in Oct 2024 o$540,000 is up $15,000 over Oct 2023’s $525,000, and less by $1,000 than Sept’s $541,000.
