Portland Oregon Real Estate Market Update - October 2023

Last month was a SLOW month in real estate. 

We will touch on the numbers here in a second and you will see that activity was down across the board. 

In my office at our company Tuesday meeting we have a big whiteboard where we write down all the homes we have gotten under contract over the week.

In September it was notably a very short list of homes week to week. 

Though, spoiler alert after we discuss the numbers we will talk about how there has been a big shift in activity here in October. 

Okay on to the numbers…. 

New listings saw a decrease of 7% with 2,713 homes coming to market. 

Pending sales saw a decrease of 11% with 1,809 homes going under contract. 

Sold homes increased 22% with 1,717 homes going to new homeowners. 

Inventory rose to its highest in years up to 2.9 months (up from 2.2). 

The average sales price hung around $595,000.

This slowdown had us wondering if we would ever see the typical Fall boost in activity we consistently see year to year. 

And then interest rates went up in the 8’s and that thinking compounded. 

BUT here in October, things have really picked up. 

Speaking to the company whiteboard I mentioned earlier… The last few weeks that thing has been filled up to the brim with homes that have successfully gone under contract! 

While rates jumped to their highest in 20+ years, it seems many buyers are getting the idea that rates are not going down any time soon and decided it's time to find their home. 

And buyers are getting rewarded for it. 

On the majority of offers I have helped buyers get accepted the last few weeks we were able to negotiate a seller-paid credit that has given the buyer the ability to temporarily lower their interest rate and or pay a portion of their closing costs. 

For home sellers, patience has remained the key factor to success for many. 

I am working with a seller currently who has been put through the wringer of this market, but with some creativity, strategic thinking, and again patience, we will be closing on their home next week and they will successfully be moving on to their next chapter. 

This market has been extremely particular for everyone but especially sellers. Some homes are going under contract in a weekend with multiple offers while others are sitting for quite some time. 

If you are planning to sell this fall or have plans to move in 2024 I highly recommend reaching out asap so we can discuss the particulars of your micro market, what selling will look like for you, and what strategies we can apply. 

And of course, this market is highly particular and diverse for buyers too. But the common thread to success for everyone is the right preparation and expectation setting. And lucky for you these are some of my favorite things to help with! 

Reply to this email if you are looking to make a move or if you simply have a question. I am looking forward to talking with you.