PORTLAND REAL ESTATE MARKET - APRIL 2023

The real estate marketing is continuing to pick up this spring as it does most years at this time. We are seeing an uptick in new listings and pending sales in the Portland Metro area. New listings increased slightly at 1.1% in April compared to March and pending sales were up 4.1%. We saw a slight increase in available inventory as more listings have entered the market. Buyers can celebrate having more inventory to choose from and sellers will continue to benefit from a 10 day reduction in the average days on market and even some multiple offers. We have continued to see a steady increase in sales price month over month since the three year low in December of 2022. It has been a year since the median sales price peaked in May of 2022. Prices have nearly rebounded, but the median price remains 5.4% lower than this time last year. Overall, sales are still lower than they were at this time last year, but current market conditions continue to indicate a strong buying and selling season in the coming months!