Portland Real Estate Market Update – January 2022
As we move into a new year, we’re looking at real estate trends in Portland to see where we stand and where we might be headed.
Let’s take a look and see what’s happening right now.
Is it a Buyer’s or a Seller’s Real Estate Market in Portland?
Anyone who watches real estate market trends knows that everything tends to cool down in the fall and winter. While there have been subtle ups and down in buying throughout 2021, we’re still seeing rising home prices and a dip in inventory, all of which make it a strong seller’s market heading into 2022.
We recently published our 2022 Portland real estate market forecast based on turn of the year numbers.
According to the most recent RMLS report, average real estate sales prices in the Portland metro area went from $575,600 in November 2021 to $582,900 in December 2021 with a year-to-date average sales price of $571,900,
Low Inventory Creates a Seller’s Market
When we compare these rising home prices with the current inventory shown below, we can see why we are still in a seller’s market.
Decrease in New Listings in Portland Keeps Seller’s Market Strong
The most recent RMLS report shows an 8.1% decrease in new listings compared to the previous year—December, 2020—from 1,740 to 1,599. The decrease in new listings between November 2021 (2,229) and December 2021 was a marked 28.3% with total market time reported as an increase to 32 days.
Nearly Every Home Listed for Sale Gets Sold
RMLS further shows that closed sales decreased by 7.4% between December 2020 and December 2021 (from 2,789 to 2,582) and 8.8% between November 2021 (2,832 closings) and December 2021. The number of completed sales remains relatively strong, despite our historically low inventory, this is based on the fact that in prior years the gap between homes listed for sale and those that actually sold was much higher. In other words, in 2021 nearly everything that went on the real estate market sold, and in prior years in Portland as much as 15%-20% of what was listed for sale, never sold (at least not that year, they often try again later).
As we can see from the numbers, prices are still increasing, and the market is slowing (in terms of inventory). Spring will bring out both more buyers and more listings.
Read our reports on the best months to buy or sell a home in Portland.
How are Condos Doing in Portland in 2022?
Data from Fidelity National Title shows that condos are taking longer to sell than single-family homes, with an average of 110 days on the market, but inventory is dropping.
The gap between Portland condo active listings and closed sales has narrowed significantly over the past couple of months.
Condos continue to be an affordable real estate choice in Portland for both first-time buyers and people who are downsizing. Buying a Condo in Portland? 10 Things to Know in 2022.
Work with Top 1% Real Estate Agents in Portland
Whether you’re ready to move forward and buy or sell a property right now or are just beginning to think about it, our top 1% buyers and top 1% sellers teams can help. We have almost two decades of experience in the Portland metro area and would be happy to help you find the ideal fit for your needs. Give us a call at 503-714-1111 or chat with our bot on this site today.
January 24, 2022