By Nicole Chavira, August 31, 2023
Find out what’s happening in the Portland real estate market for Late-August 2023.
Hi I’m Nicole Chavira, Oregon Licensed Broker with Living Room Realty, here to tell you what you need to know about the market for Late August of 2023.
Seasonal Changes
Heading into the end of summer, and the 4th quarter of the year, we typically see a seasonal decline in real estate activity. Some of the most common reasons that sellers choose to delay listing their home are the busy start of the school year, child care, and schedule changes. And as a parent, I can relate! Not to mention holiday plans, travel, and the inevitable colder weather.
Let’s Talk Numbers
That being said, current stats in the Portland Metro Area aren’t looking too bad! We have 5,646 active listings compared to 6,675 available listings this time last year. The current market shows 2.5 months of inventory compared to 2.2 months worth of inventory in August 2022. This is still showing a strong sellers market with homes selling on average close to 101% of their original asking price.
Currently we are seeing an average of 67 days on market vs last year’s average of 43 days on market. Average sales price is slightly over 1% higher than the previous year at around six hundred and fifty three thousand dollars.
Highly Motivated
So what does that tell us? Well, many of our homeowners that are ready to sell, tend to be highly motivated. For example, moving for an out of state job that requires them to relocate, health, relationship, financial status, or downsizing for a cozier retirement home.
The same can be said about the mindset of home shoppers. Buyers that have a high motivation to purchase, know they would rather enter the market and build home equity themselves, instead of holding out and continuing to rent, helping their landlord build equity. With good guidance, they know they can always refinance later when rates drop. Successful home buyers also know to lean on their real estate professional and lender to work as a team to come up with creative lending solutions – that’s why we’re here!
With less competition, we have more opportunity to negotiate with the seller. For example, interest rate buy-downs, credits towards future repairs, and/or repairs to be completed by the seller prior to your closing date.
Buyer Tips
Here’s a couple of my go-to buyer tips: do not be afraid to look at homes that have had extra days on market or had a previous sale fail and are now re-listed. Many of these homes tend to be dismissed because they are not showing up bright, shiny and new on everyone’s home search apps. These homes offer opportunities for us to work with the sellers to negotiate terms that were once impossible in the old 4% interest rate days.
Don’t let this typical seasonal shift in the real estate market, mixed with media headlines that deem a “housing market crash”, lower your confidence in making the right choice for your lifestyle needs. Remember, the best time to move isn’t dictated by the market, but by your needs.
Make A Move
Living Room Realty is committed to connecting you with as much information as possible to help you make an informed decision. If you’re ready to make a move, call us today, we would love to help you find your next Living Room
Nicole Chavira
Broker | OR
She/Her
- Nicole is a proud Portland native. She went to south east Portland public schools and moved over 40 times in and around surrounding cities, gaining true knowledge over the years of growth and what our communities have to offer. While graduating with a business degree from Portland Community College as a single mom of two young children she stumbled upon the world of Real Estate as a Transaction Coordinator for some of the highest producing Realtors in the state of Oregon. With that wealth of knowledge and encouragement Nicole decided she was going to be the BIPOC Realtor who builds relationships well past the transaction.
- Nicole’s guidance and stellar communication shows her dedication to assisting people through what is typically their largest investment. She provides support, education, relentless hard work with the goal of giving the most stress free experience for her clients. She’s a problem solver and a solid negotiator with now 10 years of Real Estate experience.
- Nicole is raising her two children to be loving, accepting and self sufficient citizens of society while putting family first. When Nicole is not working she enjoys quality time with loved ones, experiencing new social events, advocating for mental health and equality/equity, supporting local non-profit organizations and small business, trips to the Oregon coast and her ultimate release of music and dance.
- T: 503-412-9759
- nicole@livingroomre.com
