PORTLAND REAL ESTATE MARKET - MAY 2023

Continuing the trend of a warming market, we are seeing an uptick in new listings and pending sales in the Portland Metro area. New listings increased 22.1% in May compared to April and pending sales were up 9.9%. The additional listings that came on the market were quickly snapped up by buyers are confidence continues to build in the market and interest rates have stabilized. Sellers benefitted from a decrease in days on market as well as a 3.8% increase in median sales price due to the increased demand. Comparing the first five months of 2023 to the same period in 2022, new listings decreased 23.5%, pending sales decreased 29.0%, and closed sales decreased 34.0%, so the market hasn’t rebounded, but it is on a healthy incline. Both the average sale price has increased 1.1% and the median sale price has increased 2.7% when comparing 12-month sale price with the previous 12 months. Interest rates are projected to decrease later this year or in early 2024, which will spike demand, so now is a great time to buy with an adjustable-rate mortgage or plan to refinance when rates drop.