Hope everyone is doing well. Let's dive into the latest numbers for the Portland Metro real estate market for August 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

Comparing August to the previous month, July 2023, we saw:

New Listings: A minor increase of 0.8%
Pending Sales: A decrease of 4.3%
Closed Sales: An increase of 12.7%
Inventory: A slight decrease to 2.2 months
Total Market Time: Increased to 37 days
Average Sale Price: A decrease of 2.0%
Median Sale Price: A decrease of 2.5%

Breaking It Down

The market in August showed mixed signals. While new listings saw a minor increase and closed sales went up, pending sales and prices took a dip. Inventory levels lowered slightly, and properties stayed on the market a bit longer compared to July.

Year-Over-Year

For a broader perspective, let's look at the year-over-year data:

New Listings: Decreased by 8.9% from August 2022
Pending Sales: Down by 18.9% from August 2022
Closed Sales: Decreased by 16.5% from August 2022
Average Sale Price: Almost stable with a minor 0.1% increase from last year
Median Sale Price: Decreased by 2.3% from last year

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

While the market has its ups and downs, the key takeaway is our ongoing inventory shortage. This scarcity is actually keeping prices stable, if not pushing them up a bit. Unless we see a significant uptick in new listings, expect this trend to continue, with only minor seasonal variations. Currently, there's no sign of a major inventory boost that would significantly alter home values.

If you're thinking about making a move in real estate, now could be the right time to speak 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 August 2023