In early 2024, the Portland Metro real estate scene was buzzing. Listings were up, with a solid 7.4% jump month-over-month, and folks were eager to buy, pushing pending sales up by 16.8%. But comparing this year to last, while there are 18.2% more homes on the market, closing deals has gotten a bit trickier, dropping by 10.5%. Despite that hiccup, home values are still on the rise, climbing over 3%. So, even with some challenges, Portland's housing market is lively and homes are gaining value—a mixed bag but overall, it's looking good.
Month-over-Month Analysis
New Listings: There was a 7.4% increase in new listings, signaling more sellers are entering the market.
Pending Sales: Buyer activity surged by 16.8%, showing heightened interest and competition for homes.
Closed Sales: The number of finalized transactions rose by 14.6%, indicating an increase in successful deals.
Average and Median Sale Prices: Both prices increased, by 2.2% and 5.0% respectively, reflecting a steady climb in property values.
Year-over-Year Analysis
New Listings: There’s an 18.2% increase in new listings, suggesting a more vibrant and active market compared to the previous year.
Pending Sales: A modest growth of 2.3% in pending sales points to a slight uptick in buyer interest.
Closed Sales: There's a noticeable 10.5% decrease in closed sales, hinting at a gap between buyers' willingness or ability to close and sellers' expectations.
Average and Median Sale Prices: Prices saw a rise of 3.2% for average sale price and 3.8% for median sale price, indicating a market where values are gradually increasing.
Conclusions
Month-over-Month: The market is gaining momentum, with noticeable increases in listings, pending sales, and closed sales, alongside a healthy appreciation in home values. This indicates a robust engagement from both buyers and sellers.
Year-over-Year: Comparing annually, the Portland Metro market is dynamic, with a significant uptick in listings suggesting seller confidence. However, the decrease in closed sales highlights some friction in transaction completions, even as property values continue to ascend. The consistent growth in prices year over year underscores a market retaining strength and value.
