By Jenelle Etzel, July 21, 2023
Find out what’s happening in the Portland real estate market for Mid-May 2023.
Hi, I’m Jenelle Etzel owner of Living Room Realty here with your Market Update for late July, 2023.
Market Action Index
The Women’s World Cup is starting this week, and just like our U.S. Women, we know this is the time to keep our eye on the ball! Temps outside are hot and so is the market! The Market Action Index, the “temperature” of where the market is at, is 52 for Portland this week. Ever so slightly down from last month’s 55. There are nearly double the houses for sale then we had in March, currently sitting at an average of 1,150. This is great news if you’re someone who’s been in the market to purchase a home, as this likely means you’ll have more options & possibly less competition, which increases your purchasing power – kapow!
Prices
Nationally prices hit at an all time high across the country.
However our inner Portland neighborhoods have seen a slight decline. We attribute that to the high interest rates decreasing the number of buyers, the slight increase of inventory thus decreasing the number of multiple offers all around pushing homes well above asking we saw in the market last year.
However this decrease is very slight, and when looking at the market as a whole we are still seeing pent up demand and active buyers willing to act fast and write strong offers on available homes. Its as if we have two distinct markets happening at the same time, on one side you have the well priced and well prepared homes for market that shine and buyers pounce on, often with multiple offers, it’s a frenzy over here- and on the other side you have homes that aren’t as market ready and they are sitting and it’s a waiting game over here.
Buyers
Buyers, make sure you understand what market you are in before preparing an offer. We are seeing folks treating the market like all things are equal, different markets take different strategies. Our agents can help you navigate this. And if interest rates drop as anticipated, your smart to act now before more buyers qualify to get in the game and competition increases.
Sellers
Sellers- If there is one thing you need to know about buyers in our market, it’s that the majority of buyers will not make an offer unless the home is priced at what they are willing to pay. Would I love to see more buyers willing to negotiate, Yes! But do they, NO! It’s very difficult to underprice a home in our market, buyers act when they perceive value. But it’s very easy to over price a home. The majority of deals we are seeing come together each week sold right at list price.
This is still a strong Seller’s market and we expect this trend to continue into the New Year.
Make A Move
Living Room Realty is here to connect you with as much information to help you make an informed decision, and like the US women’s national team, we have an incredible roster of agents who can help. Call us today, we’d love to help you find your next living room!
Jenelle Etzel
President & Owner, Licensed Broker OR
She/Her
What does being lead singer and guitar player in a female punk band have in common with starting a real estate company in the middle of a recession? Not many people can answer that question...
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- jenelle@livingroomre.com
