For the first time in several years the interest from sellers looking to put their home on the market feels more abundant than buyers entering the market when data from new mortgage applications is taken into consideration. It will be interesting to see how it plays out if the supply increases without an increase of buyer demand that is typical for this time of year. Rates are hanging out around 7% thanks to the Feds approach and Jerome Powell’s messaging.
The first part of the year in the Portland Metro area is displaying a bit more of a searsonal norm with a 5.9% increase in the average sale price from January 2022 to January 2023. The month-over-month comparison for December 2023 vs. January 2024 reveals a 3.8% dip in the average sale price. It’s likely that as we get closer to spring that number will begin to even out, as Q4 of 2023 was for lack of a better word, “dogshit”.
Housing supply declined by half a month this month when compared to December, and the time it takes for a home to secure a buyer has increased by 8 days month over month and 3 days when compared to this time last year.
January data points to 3,535 homes for sale, reflecting a small decline in new listings. We’ll be watching for that number to increase as we get further into the year, and time will tell if it’s offset by buyer demand.
the Portland real estate market continues to be dynamic, with each data point reflecting the delicate interplay of supply, demand, and various external factors. As we navigate through these fluctuations, it’s essential to stay informed and adapt to the evolving landscape of opportunities and challenges in the housing market.
If you’re thinking about changing things up and moving, chat with a local pro (that’s us!). We’ve got the inside scoop and can guide you through the whole buying or selling journey.
Pro Tip: The market is not going down, so the best time to make a move is when you want or need to.
HERE is a link to the full market report provided by RMLS
#GoWithLocal to FindYourSpace in #PortlandMetro #PortlandSuburbs & beyond #PortlandRealEstate #MarketUpdate #Homebuying #Homeselling #RealEstateMarket #PortlandLiving