May 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 continuation of low 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 inventory level remaining at 1.9 months of supply a repeat of April. This means most home are being absorbed quickly despite New listings, pending sales, & closed sales were all up significantly month over month. Days on market has decreased to 22 down 7 days from April.
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 May 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