Published January 27, 2023
PORTLAND REAL ESTATE MARKET - DECEMBER 2022
December was a slow month overall in Portland area real estate. New listings were down 35% from November and 33% from December of 2021. Pending and closed sales were also down in December, however, even with fewer new listings, there are more choices for buyers in terms of active listings to choose from. That’s great news for buyers who haven’t had many choices these last couple of years. Homes are sitting longer on the market giving buyers time to make decisions and prepare to put in an offer.
Although we don’t have the
official numbers for January yet, the activity is picking up as people start to
make their new year resolutions a reality. Interest rates hit a four-month low mid-January
of around 6% causing a rise in mortgage purchase applications that will soon
lead to more sales. With the average price having decreased in recent months
and interest rates also dropping approximately 1% from the high, as well as
more inventory to choose from, there’s a nice sweet spot happening right now
for buyers and sellers. Many people wonder what this year will bring in the
real estate market and though we don’t have a crystal ball, we are seeing signs
of a slower, but more steady real estate market than 2022 giving everyone more confidence
in understanding where the market is now and where it may be going.
