By Lily Ray Wyss, July 31, 2023
What we discuss:
The Portland Oregon Real Estate Market trends being hyper local.
How buyer motivation is up.
That we may see two more interest rate hikes before the end of the year.
How pricing and extensive preparation is key to a home seller’s success.
Before we get into the numbers and general view of the market I want to point out that today’s real estate market is extremely particular.
Different price points, locations, and styles of homes are all performing wildly differently from each other.
So while it’s helpful to read over/listen to this generalized overview of the real estate market I highly recommend also connecting with me so we can get you a personalized view of the hyper-local market you are buying or selling in.
Okay on to the numbers:
New listings saw an increase of 2% with 3,298 homes hitting the market.
Pending sales saw a decrease of 4.5% with 2,272 homes going under contract.
Sold homes saw an increase of 3% with 2,085 homes going to new homeowners.
Inventory has gone up to 2 months which is great news for home buyers.
The average time on market for listings has decreased to 33 days.
And the average sales price has increased to $626,000.
Here is my best advice to homebuyers right now, don’t be afraid of home listings with high days on market, and sale fails (home transactions that fell out of contract).
In the real estate market right now, it is common to see homes, and often great homes, sit on the market and not get any serious action from buyers for 12-35+ days.
We are also seeing homes fall out of contract often.
Why? While buyers are becoming more motivated in our market they are still quite particular and easily thwarted due to how much they are taking on when it comes to their monthly mortgage payments.
So while it might give you pause that a home has been sitting on the market or has fallen out of contract it is still worth checking the property out. I will also happily look into why the home may be sitting and or fell out of contract to give you a full scope of the situation.
For home sellers, my advice has not changed much. It’s great news that buyers have become more motivated but as discussed above and previously they are flighty! It is extremely important that you prep your house well (even a dirty baseboard could throw off a buyer right now), and that you have the right pricing strategy and marketing plan in place.
In economic news, unfortunately, it has been predicted that we will see 1-2 rate increases by the end of the year. I know we were all hoping that rates would ease up now that inflation has seen some improvement, but sadly, high rates are here to stay for the moment.
Have questions or want to discuss your next move in greater detail, I am here for you. You can find my contact information below.
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...
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- T: 971-361-6114
- lily@lilyrayres.com
