Over the past year, the market has seen significant shifts, marked by an 18% decrease in new listings, a 20% drop in pending sales, and a remarkable 25% decrease in closings. These statistics may have led some to notice a lack of “just listed” and “just sold” posts from realtors on their feeds, reflecting the industry’s adaptation to changing conditions. Despite these challenges, there’s optimism for 2024, spurred by lower interest rates and the ongoing need for people to make moves, driven by various life events that effect each of us at some point in our lives.
The month-over-month comparison for December 2023 vs. November 2023 reveals a 1.6% dip in the average sale price. This is a typical year-end trend as buyers often have more negotiating power during the holiday season. Housing supply has once again dropped and time that it takes for a home to land a buyer has increased by 5 days.
There has been a 3.5% increase in the average sale price from December 2022 to December 2023, underscoring the market’s resilience despite the challenges posed by fluctuating interest rates and global uncertainties. There are currently 3,654 homes active on the market as of December 2023. This graph reveals a decline in new listings, indicating fewer units available for sale. As always, the Portland real estate market remains a moving target, with each data point reflecting the intricate balance between supply, demand, and all of the other external factors at play.
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: If there is a move in your future, it is never too early to start planning!
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