Portland Real Estate Market Update September, 2022
Continuing its turn away from the hot seller’s market we’ve been in for the past two years, the Portland real estate market is still experiencing decreases pretty much across the board, except for home prices (not yet anyway), based on numbers from the most recent RMLS report. You can track how the Portland real estate market has looked so far this year by checking our past monthly reports and see how this month compares.
Across the Portland metro area, new listings in July 2022 decreased 11.8% to 3,763 from the 4,267 listed in July 2021, and pending sales decreased 27.1% to 2,445 from the 3,354 offers accepted in July 2021. Closed sales also saw a decrease (31.1%) to 2,369 from 3,439, with total market time increasing to 20 days.
Pending and Closed Sales Dropping Significantly in Portland Metro
The visual below from RMLS is a striking show in just how far below the previous two years at this same time pending sales have fallen.
And of course, fewer pending sales translates to fewer closed sales, as we can see from the graph below—a stark difference from this time in both 2020 and 2021, and even lower than what we saw in 2018.
Take a look at the table below from Fidelity National Title for a more refined look at price when based on square footage. Here, we can see a negligible decrease with the last month, with per square foot prices being right on par with where they were in 2021 at this time.
All Portland Quadrants Experiencing Decreased Sales
We took a closer look at all quadrants to see how these numbers break down for Portland proper and noted the highest decreases in pending sales in North Portland and the lowest decreases in W Portland.
|Active Listings||New Listings||Pending Sales||Closed Sales|
|N Portland||245||177||99 (-36.5%)||89|
|NE Portland||422||363||240 (-26.4%)||220|
|SE Portland||612||488||296 (-26%)||290|
|W Portland||713||439||261 (-21.6%)||251|
Average sales prices in all four quadrants continued to show increases but to a lesser degree than in past months, continuing the turn away from a strong seller’s market.
North Portland—$536,700 (5.8% increase)
NE Portland—$605,400 (5.8% increase)
SE Portland—$556,700 (8.7% increase)
W Portland—$759,300 (6.8% increase)
Affordability in Portland is still a concern for many, with the index dropping below anything we’ve since since 2013, with data provided by RMLS and based on the National Association of REALTORS® (NAR) affordability formula.
Portland Condo Sales Dropping Even Lower
While Portland’s condo market has been a seller’s market, it hasn’t been a strong one like we’ve seen in the single-family segment. In fact, the gap between inventory and closed sales continues to widen dramatically.
Need the Help of a Professional Agent for Your Next Real Estate Transaction?
With the way the market has been, it’s easy to want put off jumping into a sale or a purchase. But with the right help, you can have a good experience. We’d love to put our almost 20 years of expertise in real estate in the Portland metro area to work for you and help you with your next real estate transaction. Give our top 1% seller’s agents a call at 503-714-1111, or get in touch with our top 1% buyer’s agents at 503-773-0000. You can also chat with the bot on our site. Whatever your needs, we look forward to working with you!August 19, 2022