By Lily Ray Wyss, December 20, 2022
What we discuss:
How the Winter real estate market is performing.
How we are seeing the positive signs of a robust Spring real estate market.
No one is surprised… the real estate market is SLOW right now.
Activity is down overall
New listings saw a decrease of 33% with 1,666 homes hitting the market last month.
Pending sales saw a decrease of 18% with 1,498 homes going under contract.
And sold homes saw a decrease of 17% with 1,621 homes going to new homeowners.
We also saw inventory of homes go up to 2.6 months, which is good news for home buyers.
We also saw time on market increase to 44 days.
One interesting metric to share, which home sellers will be happy to hear, is that home prices on average are staying fairly stable. We saw them decrease, but only slightly from $615,000 to $613,000.
I read a stat from this week that on the whole in the Portland market we only have seen prices drop by about 1%.
And that 50% of homes on the market are still selling over list price.
It’s really important to see this data as I think it can be really easy to get wrapped up in everything that is being said in the media about the housing market.
While it is volatile it’s not shifting quite as dramatically as some may think.
And a lot of the pricing shifts we are seeing differ highly based on location, price, and style of home.
In some instances, we are still seeing homes get bought up in a weekend, and other homes sit for a month and see large price reductions.
So it’s important for both buyers and sellers to talk with us so we can give you detailed info on your particular needs.
In the video above I talk about the good signs we are seeing when it comes to interest rates and where we see the market going in the spring. Highly recommend giving it a watch!
If you want to talk out your 2023 home buying or selling plans definitely don’t hesitate to reach out.
You can reach me at my contact information below.
Looking for more real estate resources? Check out my channel on Youtube and Instagram
Lily Ray Wyss
Broker | OR
She/Her
I love Portland. This city, and its surrounding areas, in my opinion, are the perfect place to call home. We have the amazing ability to put our toes in the ocean, snowboard, and visit some of the world's best breweries all in one day. Our food scene is extremely diverse and prolific. Want to see a show? Comedy, music, theater, etc all have growing, well-supported scenes here. I love selling homes in Portland and more importantly educating my clients and community on how amazing this city is and how you can own a piece of this beautiful state and call it home.
Follow me on Instagram to see my new finds and spotlights on the best places to eat, play, and be entertained in the area. And for information on buying/selling and current home market data. Follow at: @lilyrayresidential
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- T: 971-361-6114
- lily@lilyrayres.com
