June Market Update

The Portland Metro Real Estate Market: The One with the Fluctuations and Possibilities

Okay, listen up, folks! We're about to dive into the crazy world of the Portland metro real estate market. It's like a rollercoaster ride, filled with twists, turns, and surprises at every corner. So grab your Central Perk coffee and let's talk about new listings, pending sales, closed sales, and all those fancy price tags.

Picture this: in May 2023, we had a total of 3,240 new listings. Not bad, right? But, oh my goodness, it's a 15.9% decrease compared to May 2022 when we had 3,853 listings. But hey, hold your horses! April 2023 was like, "Hey, I got you covered!" with a whopping 22.1% increase, bringing the number of listings to 2,653. Phew, the market loves to keep us on our toes!

Now, let's talk about the heart-pounding pending sales. In May 2023, 2,379 offers were accepted. That's a bit of a dip, a 23.8% decrease from the crazy frenzy of May 2022 when we had 3,122 offers flying in. But wait for it! April 2023 stepped up its game with a 9.9% increase, accepting 2,164 offers. Love is still in the air, my friends, and buyers are ready to make their move.

But hold on, we're not done with the drama yet! Closed sales take the stage, and boy, do they know how to make an entrance. In May 2023, we had a total of 2,008 closings. It's a 31.1% decrease compared to the jaw-dropping performance of May 2022 with 2,916 closings. But guess what? April 2023 came in like a whirlwind, showing off a 17.6% increase with 1,707 closings. Talk about a comeback!

Now, let's talk about what's hot and what's not in the inventory and market time department. The inventory held steady, my friends, at 1.9 months in May. That means sellers have the upper hand, making buyers work for their dream homes. And when it comes to market time, it decreased to 40 days. Blink, and you might miss out on that perfect pad.

But here's the big picture, people. When we compare the first five months of 2023 to the same period in 2022, we see some numbers taking a nosedive. New listings went down by 23.5%, with 12,398 properties strutting their stuff this year compared to the fancy 16,218 in 2022. Pending sales? Well, they followed suit with a 29.0% decrease, accepting 9,649 offers in 2023, down from the romantic whirlwind of 13,615 the previous year. And closed sales? They hit us hard with a 34.0% decrease, going from 12,404 closings in 2022 to 8,177 in 2023. The market's got its own storyline, my friends, and we're just living in it.

Now, let's talk money, honey. Brace yourselves because the prices are in the spotlight. When we compare 2023 to 2022 through May, the average sale price took a small hit, a 4.5% decrease from $615,600 to $588,200. And the median sale price? It followed suit, dropping by 4.4% from $549,000 to $525,000. It's not the end of the world, people, but it's definitely something to keep an eye on.

So there you have it, the Portland metro real estate market in a nutshell. It's a wild ride, filled with ups, downs, and surprises at every turn. But hey, isn't that what makes life interesting? Just like a good episode of Friends, you never know what's gonna happen next. Happy house hunting, my fabulous friends!

If you made it this far, tell me which sitcom actress interpetted this data and I'll send you a surprise. =)