Portland Market Update May 2023

New Listings:

In May 2023, the number of new listings decreased by 15.9% compared to the previous year, with a total of 3,240 properties hitting the market. However, there was still a significant 22.1% increase in new listings compared to April 2023, indicating a potential uptick in seller activity.

Pending Sales:

Pending sales, which represent offers accepted but not yet closed, experienced a decline of 23.8% in May 2023 compared to the same period last year. However, there was a positive trend compared to the previous month, with a 9.9% increase in pending sales, showcasing a potential rebound in buyer interest.

Closed Sales:

Closed sales, reflecting successfully completed transactions, saw a significant decrease of 31.1% in May 2023 compared to the previous year. However, there was a notable 17.6% increase in closed sales when compared to April 2023, indicating a potential recovery in market activity.

Inventory and Time on Market:

The inventory of available homes held steady at 1.9 months in May 2023, indicating a seller's market where demand outweighs supply. Additionally, the total market time decreased to 40 days, suggesting that properties are selling relatively quickly once they enter the market.

Year-to-Date Summary:

When comparing the first five months of 2023 to the same period in 2022, several key indicators experienced declines. New listings decreased by 23.5%, pending sales dropped by 29.0%, and closed sales saw a significant decline of 34.0%. These figures suggest a slowdown in overall market activity during this current year.

Average and Median Sale Prices:

From January to May 2023, the average sale price in the residential real estate market decreased by 4.5%, going from $615,600 to $588,200. Similarly, the median sale price experienced a decline of 4.4%, dropping from $549,000 to $525,000 during the same period. These statistics indicate a slight downward trend in property values over the past year.

While the real estate market experienced some challenges in May 2023, such as decreased closed sales and a decline in average and median sale prices, there were also positive signs. New listings and pending sales increased compared to the previous month, suggesting potential market recovery and increased buyer and seller activity.

As we move forward, I will continue to observe how these market dynamics evolve and whether the trends witnessed in May continue. Homebuyers and sellers should monitor these indicators closely and consult with experienced real estate professionals to make informed decisions in this ever-changing market. Work with a top agent in Portland. Great buyers package and an unmatched sellers listing package. Dont hesitate to reach out or submit a contact me form.