Hey there!

Hope everyone is doing well. Let's take a moment to unpack the latest in the Portland Metro real estate scene for July 2023. Whether you're actively involved in the market or just like to stay informed, here's a concise update for you.

The Numbers Game

Comparing July to the previous month, June 2023, we observed:

New Listings: A decline of 12.1%
Pending Sales: A drop of 5.6%
Closed Sales: A decrease of 8.3%
Inventory: A slight uptick, reaching 2.4 months, up from 2.0 last month
Total Market Time: No change consistently at 33 days
Average Sale Price: A minor dip of 1.0%
Median Sale Price: A reduction of 1.8%

Breaking It Down

The numbers suggest a subtle slowdown in the market from June to July. While listings and sales have seen a decrease, the consistent market time indicates that properties are still being snapped up at a comparable rate. Seasonality suggests that this trend will continue as we hit the fall and winter months.

Zooming Out

For a broader context, the year-over-year data is quite revealing:

New Listings: There's been a significant 23.0% decrease from July 2022
Closed Sales: These are down by 19.3% from the same month last year
Average Sale Price: There's been a 3.5% decrease from 2022's average, settling at $599,300
Median Sale Price: This has decreased by 3.2% from last year, now at $532,500
Affordability: An interesting note, 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.

These broader trends suggest that while the market has seen some cooling, it remains relatively stable, with affordability still in favor of potential buyers. We expect to see nominal price decreases typical of seasonal market trends and inventory levels to have a minimal increase until the Q1 of 2024.

In Conclusion

While these month-over-month shifts are noteworthy, it's always the bigger picture that offers deeper insights. If you're mulling over a real estate decision, now might be a good time to touch base with an expert to navigate these trends.

Reach out if you have any questions, we’re here to help!

Cheers,

Mark Reeves - Reeves Realty Group @ Exp Realty

Reference: Market Action Report - August 2023 - RMLS