February 2023 - Portland Market Update
If you’re thinking about selling your home, it's important to have a good understanding of what’s going on in the Portland market. Last month saw a rather surprising reduction of inventory levels in what is traditionally a time when more homes begin to come to market. There are many factors contributing to this downward trend. Many of the sellers who would historically be looking to downsize or trade up are not seeing any viable replacements. It's likely that these folks are locked into a sub 3% mortgage product and are not eager to take on additional debt at nearly double the mortgage rate they currently have. This may explain the reduced inventory level back down to 1.9 months of supply vs. 2.7 the month prior. New listings, pending sales, & closed sales were all down month over month. Days on market increased again from 65 to 71 days.
Knowing the most important data such as the average sales price, the number of homes sold, and days on market will better prepare you to sell your home.
My February market report showcases everything you need to know about Portland area real estate trends.
Average Sales Price
Average Days on Market
Median Sales Price
Months of Supply