Portland Real Estate Update: September 2023
Hello everyone! Hope you're all doing well. Let's get right into the latest numbers for the Portland Metro real estate market for September 2023. Whether you're a buyer, a seller, or just someone who likes to keep an eye on the market, this update is for you.
The Numbers
Compared to August 2023, here's what we saw in September:
New Listings: A decrease of 7.2%
Pending Sales: A decrease of 11.9%
Closed Sales: A decrease of 20.3%
Inventory: An increase to 2.9 months
Total Market Time: Increased to 41 days
Average Sale Price: A decrease of 2.0%
Median Sale Price: A slight increase of 0.3%
Breaking It Down
The market in September showed some cooling off. New listings, pending sales, and closed sales all decreased compared to August. However, the inventory levels increased slightly, and properties stayed on the market a bit longer.
The Impact of Rising Interest Rates
One factor that seems to be having a major impact on overall demand is the rise in interest rates. Higher rates generally make mortgages more expensive, which could be contributing to the slowdown we're seeing in pending and closed sales.
Year-Over-Year
For a broader perspective, let's look at the year-over-year data:
New Listings: Decreased by 13.9% from September 2022
Pending Sales: Down by 9.7% from September 2022
Closed Sales: Decreased by 23.2% from September 2022
Affordability
According to the National Association of REALTORS®, the Portland Metro area remains affordable for families earning the median income. With the median income at $114,434 in 2023, families can comfortably afford 84% of a monthly mortgage payment on a median-priced home.
In Conclusion
The key takeaway this month is the noticeable cooling in the market, possibly exacerbated by rising interest rates. While this could be a seasonal trend, it's something to keep an eye on. Inventory levels are slightly up, but we're still far from a market that favors buyers. If you're considering making a move in real estate, now might be a good time to consult with an expert.
Feel free to reach out if you have any questions. We're here to help!
Cheers,
Mark Reeves | Reeves Realty Group @ Exp Realty
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Source: [RMLS Market Action Report September 2023]