Portland Oregon Real Estate Market Update - September 2023
What we discuss:
If Portland has seen its typical Fall boost in real estate activity.
What opportunities are out there for home buyers right now.
How some home sellers are having success in this market.
Did we see the typical boost in activity that we usually see come Fall? Right now it is feeling a bit too early to tell and the numbers we have are from August so we should have more clarity come next month.
But anecdotally there does seem to be a greater focus and energy level than there was a month ago.
But first let’s hop into the numbers.
New listings saw a minimal increase of 0.8% with 2,923 homes coming to market.
Pending sales saw a decrease of 4% with 2,145 homes going under contract.
Sold homes increased 12% with 2,155 homes going to new homeowners.
Inventory of homes actually went down again from 2.4 months to 2.2 months.
Based on the numbers the lowering of inventory makes sense as there was not a huge bump in new listings in August, yet the amount of homes that sold increased. Showing that while buyer motivation continues to increase/remain, the motivation from sellers trails behind.
Home prices are still hovering around the same range while being on a slight decrease. The current average price for the Portland Metro Area is $608,300.
A quick side note to folks who are thinking of selling your home say in a year to two years from now. Don’t spend too much time freighting over current home prices. We will hopefully have a very different market come next spring if interest rates do go down as predicted in the new year.
For home buyers, this current market is as particular and unique as ever. I won't lie to you and say that it is a great market, but it has been one full of opportunities for a lot of buyers.
If you want to buy in a cool trendy area and or are interested in a home that is dialed in but are okay with it not being stylistically perfect, there are homes sitting on the market right now ready to be snatched up.
This definitely depends on the type of home and price point you are in though.
For homes at or below the average price point, there are not a ton of homes available in certain areas, and for the ones that do exist, there is higher competition. But that being said, have we found some cool opportunities for buyers in this price range by utilizing strategy and negotiations? Yes.
For those in higher price point markets, while options are not abundant, there tends to be more available and less competition.
I have been amazed to see incredible homes, ones that typically draw in huge interest (homes with ADU’s, great locations, etc) just sit on the market. If you want to buy a home, right now could be a good time to explore your options.
For those currently selling or planning to sell their home soon, interest rates are still high, creating buyer hesitancy. But people are still buying homes. Those who are serious about a home purchase are in need and demand is there. People are still wanting to upsize, downsize, change school districts, buy their first home, etc.
It is possible to sell your home in this market and for a good price, but just know that some patience and determination will likely be needed.
Some homes are still getting multiple offers, even on homes that have sat for some time.
This market is extremely particular and both buyers and sellers are experiencing wildly different markets. 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!
If you would like to chat about your next move, I am here for you.
You can contact me HERE
