Portland Oregon Real Estate Market Update - April 2023

Spring weather is finally here and so is the Spring Portland Real Estate Market. 

If you have been following along you will know that the market has been up and down this year. 

Sellers came in strong at the start of the year which gave a lot of hope. But then new listings fluctuated heavily on what felt like a weekly basis. 

Last month though we saw an increase in new listings of 48% with 2,623 new homes going to the market. 

And we actually saw an increase in activity across the board with pending sales seeing an increase of 22% with 2,079 homes going under contract and sold homes saw an increase of 21% with 1,745 homes going to new homeowners. 

But while we are seeing an increase of motivation from sellers it is still nowhere meeting buyer demand. 

When looking at inventory of homes we actually saw a decrease from 1.9 months to 1.6 months. Meaning if we were to have no new homes come to the market, we would be out of properties in under two months based on demand. 

Buyers are no longer thwarted by high-interest rates and are noticing that prices are staying fairly stable. 

According to local economist Noah Blanton currently 50% of homes sold for above the list price. 

What does this mean for home buyers? Knowing the specific market you are buying in will be more critical than ever. 

Competition is back but it's not the case in every scenario. 

Blanton also noted that the most competitive price points are those below the median price ($525,000) so if you are a first-time home buyer in this range get ready to compete. 

For those at the higher price points, Blanton says you will have the least competition. 

But again there are so many factors that predict what the market will look like for you. 

For example, over the weekend I got some first-timers under contract on a home for the list price and it was under $500,000. 

If you are looking to buy this Spring it is important that you reach out as early as possible so we can start to strategize and educate based on the particulars of the market and type of home you are wanting to buy. 

What does the market look like for home sellers? As mentioned buyers are not as concerned with interest rates and demand for your home is there. 

You are more likely to get multiple offers on your home than a few months ago and buyers are slightly less picky. 

What I mean by that is with interest rates being high buyers have been extremely anxious to take on repairs and we saw a lot more sales fall out of contract. 

Since high rates have become more of the norm, and more buyers are in the market, buyers are more willing to take on repairs, knowing someone else could be right behind them wanting to purchase the property if they don't. 

That being said it's still highly important that you prep the home properly as buyers are still more wary than usual.

If you want to talk about how to properly prepare your home for the market and discuss the market trends in your area please reach out. 

As always if you have any questions or want to talk about the market and your specific real estate needs I am here for you! You can reply to this email or find my contact information below.