Wondering what to think about real estate right now? We’ve all seen some alarming headlines over the last few months. We tend to be insulated here in the Pacific Northwest when compared to the national stage. While the market has cooled slightly amidst uncertainty, things are moving and today’s, “high rates” may be perceived differently when looking at the historic movement of rates. While a mild recession is still on the horizon in 2023, inflation has cooled. Don’t expect to sell in a few weeks as the average days on the market have increased to two months. Buyers will have less competition, but it is still a Seller’s Market where we are in the Pacific Northwest.
Take a look at the numbers in some of the communities we serve.
In the Portland Metropolitan area, new listings (3,763) decreased 11.8% from the 4,267 listed in July 2021, and decreased 12.4% from the 4,295 listed in June 2022. Pending sales (2,445) decreased 27.1% from the 3,354 offers accepted in July 2021, and decreased 4.6% from the 2,563 offers accepted in June 2022. Closed sales (2,369) decreased 31.1% from the 3,439 closings in July 2021, and decreased 18.1% from the 2,893 closings in June 2022. Inventory increased to 2.0 months in July. Total market time increased to 20 days.
This week the median list price for Wilsonville, OR is $707,450 with the market action index hovering around 56. This is less than last month’s market action index of 62. Inventory has increased to 36.
This week the median list price for Vancouver, WA is $569,900 with the market action index hovering around 58. This is less than last month’s market action index of 67. Inventory has decreased to 529.
This week the median list price for West Linn, OR is $920,000 with the market action index hovering around 50. This is less than last month’s market action index of 60. Inventory has increased to 77.
If you’re considering a move, our team is happy to answer your real estate questions.