PORTLAND REAL ESTATE MARKET - MARCH 2023

Spring is bringing an increase in real estate activity in the Portland Metro area! New listings increased 48.7% in March compared to February and pending sales were up 22.1% as well as closed sales were up 21.7%! After a sluggish winter, this is good news for both buyers and sellers. Buyers have more options to choose from even if faced with a little more competition and sellers saw a 14 day decrease in the time their home was on the market as well as an increase in the average price. These great conditions resulted in an inventory drop of 0.3 months even with more listings because buyer demand has increased to outpace the number of new listings coming on the market which in turn resulted in a 2.7% increase in the average sales price over February. The average price per square foot is hovering around $300. After some months of decreasing prices in 2022, February and March had sustainable positive price appreciation. Overall, sales are still 35% lower than they were in March of 2022, but current market conditions indicate a strong buying and selling season in the coming months!