Portland Real Estate Market Update: A Comprehensive Look at November 2023 Trends

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.

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Market Update: Homes Sales Fall to 13 Year Low Nationally

According to the Wall Street Journal, home sales fell in October to a fresh 13-year low as high interest rates and home prices continued to pummel the housing market.   Home-buying affordability sits near its lowest level in decades, pushing many buyers out of the market. Existing-home sales for the full year in 2023 are on track to be the lowest since at least 2011, according to economist forecasts. Existing-home sales, which make up most of the housing market, decreased 4.1% in October from the prior month to a seasonally adjusted annual rate of 3.79 million, the lowest rate since August 2010, the National Association of Realtors said Tuesday. October sales fell 14.6% from a year earlier. Sales have been near 2010 levels in recent months. Read the entire article here: https://www.wsj.com/economy/housing/october-2023-home-sales-fall-ec6b3164?st=gbj868dxn6defo2&reflink=desktopwebshare_permalink

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Navigating the Portland Metro Area Real Estate Market: October 2023 Insights

As we step into the autumn season, Quick & Associates Real Estate presents a look into the latest trends defining the Portland Metro Area's real estate market. With data sourced from the recent October 2023 RMLS Market Action report, potential homebuyers and sellers can gauge the current market dynamics and make informed decisions. A Dip in New Listings October observed a notable decrease in new listings. With just 2,207 new properties introduced to the market, there is a 12.2% decline compared to the 2,513 homes listed in October of the previous year. This downtrend is even more pronounced when considering the 18.7% decrease from the 2,713 listings that graced the market in September 2023. Such a decline signifies a tighter market, where buyers may face fewer options, and sellers might leverage the reduced inventory to their advantage. Pending Sales Cool Down The number of homes under contract followed a similar downward trajectory. Pending sales fell by 11.4%, from 1,835 in October 2022 to 1,625 in the same month this year. A month-to-month comparison also reveals a contraction of 10.2% from the 1,809 offers accepted in September 2023. This cooling trend suggests buyers are becoming more deliberate in their purchasing decisions, potentially driven by broader economic factors or a wait-and-see approach to market conditions. A Closer Look at Closed Sales The completed transactions, or closed sales, stood at 1,670 for October, marking a 14.6% fall from October 2022's 1,955 closings. When looking at the month prior, September 2023, there's a slight 2.7% decrease from the 1,717 closed sales. This steady pace indicates a consistent demand, although the vigor seen in the previous year seems to have tempered. Inventory and Market Time: Stability and Growth The inventory in the Portland Metro Area remained stable at 2.9 months, which might suggest a balance between supply and demand. However, the total market time ticked upward to 45 days, hinting at a slight slowdown in market absorption and potentially providing buyers with more negotiation room. Year-to-Date Summary: A Cooler Market The first ten months of 2023 have seen a retrenchment across the board when compared to the same period in 2022. New listings shrank by 19.9%, pending sales by 22.5%, and closed sales took a significant hit with a 26.8% decrease. These numbers are crucial for understanding the longer-term market trends, particularly for those considering when to enter or exit the market. Average and Median Sale Prices Soften In terms of property values, both average and median sale prices experienced a dip. The average sale price saw a decrease of 2.6%, from $615,000 in the previous year to $599,100 in 2023. The median sale price also receded by 2.9%, dropping from $550,000 to $534,100. This adjustment in prices could reflect a market that is accommodating the buyer's needs more, with a possible increase in affordability. Final Thoughts The real estate landscape in the Portland Metro Area is showing signs of a market that is recalibrating itself in the face of shifting demands and external economic pressures. While this may present challenges, opportunities still exist for both buyers and sellers to achieve their real estate objectives with strategic planning and knowledgeable guidance. For those looking to navigate this complex market, Quick & Associates Real Estate stands ready to provide expert advice and tailored services to help you make the most of the current market conditions. Whether you're aiming to purchase your dream home or sell your property, understanding these trends is pivotal in your real estate journey. Contact us today to discuss your real estate goals and how we can help you achieve them in today's market. Call Kathy at 503-730-0702 or Scott at 503-730-0704. Portland Metro Area Real Estate, RMLS Market Action Report, Portland Real Estate Trends, Home Buying in Portland, Home Selling in Portland, Portland Real Estate Market 2023

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