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November 2022 | Market Update












New Listings Down 20%

AVG Sales Price Down 1%

AVG Days on Market: 38 Days

(Percentages Based on Previous Month)


- With the holidays approaching, less homes are coming on the market which means less competition for those looking to sell.


- Even with the slight drop in sales prices, homes are still worth more than this time last year.

 

Doom and Gloom in the News


We talk with people all day/everyday about real estate. The running theme is that folks are worried about fragility in the market. This notion is most commonly picked up from the news.


Interest rates have been fluctuant, keeping plenty of buyers out of the market, but sales in Portland are strong. When comparing October 2021 to 2022, the average sales price in the metro area has risen 7.8% and the median sales price has risen 8.6%.


Inventory is sitting at 2.4 months. In a balanced market, inventory is closer to 5 or 6 months.


With the year over year increase in home values and a revolving door of inventory, Portland's housing market is sturdy.


While I cannot predict the future, I can follow the data. When you want an honest accounting of the market, don't believe the hype, reach out to a broker that you trust.










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