PORTLAND REAL ESTATE MARKET - AUGUST 2023

As we make our way through September, we’re reflecting on Portland’s ever-evolving real estate landscape. August brought a 12.7% increase in closed sales over July leaving just 2.2 months of inventory available for buyers. Surprisingly, despite low inventory, the average sale price decreased 2% in August compared to July and now hovers just 0.1% above the average sale price one year ago.  

Homes that are priced correctly for the current market conditions are often going pending within a week, giving buyers reasonable time to see homes and make decisions than when we were in a faster moving market. The $400K - $500K homes are still the fastest moving throughout the Portland Metro area.

The condo market is softer than the single family home market with almost double the amount of condo inventory that there was in December of 2022 and a marginal increase in sales. Condos will be getting more aggressive with their pricing in order to get sold in the coming months.

People often ask us when can we expect to see a wave of foreclosures? There is a tremendous amount of equity throughout the nation in homes due to the rising prices over the last 10 years. As a result, foreclosure numbers in Oregon are only 1 in 8690 homes. We don’t expect this to change any time soon. Zillow is still predicting home values to rise 4.9% over the next year.

As we navigate these market shifts, it’s crucial to remember that Portland’s real estate market is dynamic and adaptable. Rest assured, our dedicated team at Ark Realty Group is here to guide you through these changes and help you achieve your real estate goals.