Market Action Report for November 2023

As we wave goodbye to November 2023, it's time to dive into the latest trends shaping the Portland, Oregon real estate market. Whether you're a potential homebuyer, a curious homeowner, or a savvy investor, understanding these dynamics is key to making informed decisions.

New Listings: A Glimpse of Hope in Portland's Market

The Portland housing market witnessed a refreshing uptick in new listings this November, with 1,828 homes hitting the market. This 9.7% increase from November 2022 provides a glimmer of hope for buyers who have been navigating a tight market. However, it's important to note a 17.2% drop from October 2023, suggesting a degree of volatility as we head into the winter months.

Pending Sales: A Slight Downturn

The pendulum swung slightly downwards in pending sales, with a 3.8% decrease from November 2022 and an 11.3% drop from October 2023. The total of 1,441 pending sales reflects a cautious approach from buyers, possibly due to the shifting economic landscape or seasonal trends typical of the Portland market.

Closed Sales: A Cooler Market

In line with the national trend, Portland saw a decrease in closed sales this November. With 1,344 closed sales, there's a significant 17.1% drop from November 2022 and a 19.5% decrease from October 2023. This cooling off could be a result of various factors, including rising interest rates and economic uncertainty.

Inventory and Market Time: More Options, More Time

In a welcome change for buyers, inventory in Portland increased to 3.5 months, providing more options and less competition. Concurrently, the total market time rose to 55 days, allowing buyers a little more breathing room to make their decisions.

Year-to-Date Summary: A Challenging Year for Portland Real Estate

The first eleven months of 2023 have been challenging for the Portland real estate market. New listings saw an 18.4% decrease, pending sales fell by 21.6%, and closed sales dropped by 26.2% compared to the same period in 2022. These figures underline the broader trends impacting the real estate sector nationwide.

Average and Median Sale Prices: A Slight Softening

Reflecting the broader cooling trend, both the average and median sale prices in Portland have seen decreases. The average sale price dipped by 2.4% to $598,800, while the median sale price fell by 3.1% to $533,000. This slight softening might open doors for buyers who were previously priced out of the market.

Conclusion: Adapting to Portland's Evolving Market

As we navigate the complexities of Portland's real estate landscape, it's clear that adaptation and informed decision-making are key. For those looking to buy or sell in this market, staying abreast of these trends is crucial. For personalized advice and insights into Portland's unique real estate market, feel free to reach out to Quick & Associates Real Esate to discuss your best path forward. Call us today at 503-730-0702.

Source and detailed report: RMLS Market Action Report 2023

Portland, Oregon, Real Estate, Market Update, November 2023, New Listings, Pending Sales, Closed Sales, Inventory, Market Time, Sale Prices, Homebuyers, Investors.