January 2023 Updates

January 18, 2023 11:18

Lack of activity and high interest rates headline real estate news.  

Portland real estate ended 2022 with a thud.  New listings were off 33%, pending sales off 38% and closed sales off a whopping 43% compared to the same time last year.  December brought only 1,464 closed sales in the Portland-Metro area.  We have to go back to 2011 to find this dismal amount of volume.  Surprisingly, overall inventory notched 12% lower to 2.3 Months.  The reason is the decelerating number of new listings.  The dog’s not that hungry, but there’s very little food to eat.

Prices have yet to succumb to the lack of volume.  Sellers are not desperate, while buyers don’t feel the urgency to jump in – the bid versus ask margin is growing.  With that said, prices in the Portland-Metro area are off 13% from their May, 2022 highs. (Average Sale price was $649,600 compared to current $566,700 for Portland-Metro.)

New listings decreased 32.9% compared to December of last year.

Pending sales decreased 37.9% compared to December of last year.

Closed sales decreased 43.3% compared to December of last year.

Inventory increased to 2.3 Months compared to 0.6 Months this time last year.

Average Average sale price in Portland Metro decreased 2.8% over the past year.  Average sale price in December of 2022 was $566,700 and in December of 2021 it was $582,900.

Updated 01/18/2023