PORTLAND REAL ESTATE MARKET - FEBRUARY 2023

The February real estate data shows a decrease in inventory because sales were strong in January compared to new listings hitting the market. Mid-January rates hit 5.9% briefly (the lowest they’ve been in a few months) creating an uptick in buyer demand. New listings have been low the last couple of months which has led to multiple offer situations for some properties and some areas that are in higher demand. With the collapse of Silicon Valley Bank, rates have recently dropped again after ratcheting up to over 7% in early March to around 6.5%. A small reprieve in rates as we head into the spring should bring more activity with both buyers and sellers. We expect a strong spring market!