Dec ’22+Year-End Report~Portland Neighborhood Stats + LO

Here you’ll find the overall Monthly Report plus year-end details and Neighborhood Stats as of Dec 31st, 2022, with Lake Oswego broken out below:

Overview/Fluctuations ~ December 31, 2022 – YEAR-END Market Data:

Inventory has risen substantially over December last year, and steadily in the last few months. Average & Median Values have risen by approx. $40,000 over last year, which is good, but not as substantial an annual increase as in the previous few years. Activity/Volume (Actives/Pendings/Solds) decreased across the board from the last year/2021 and mostly occurring in the last few months as an apparent reaction to rates.                                                                                                                                       

Rates: “Rates are still hovering in the lower 6% range. There has been less volatility lately which is a positive sign.” Gary Boyer, Regional VP, Directors Mortgage

The twelve months of 2022 compared to 2021: New Listings, (36,210) decreased 10.7%. Sales (26,852) decreased 24.2%, and Closed Sales (27,985) decreased 20.5%.         By Comparison, Twelve months of 2021 as compared to 2020 from last year’s December Report read: New Listings, (40,531) increased 5.4%. Pending Sales (35,405) increased 7.8%, and Closed  Sales (35,182) increased 9.8%.

According to the RMLS Market Action Report  for the Portland Metro Area-Dec 2022:

  • There were 1,073 New Listings in Dec 2022 down 32.9% from 1,599 in Dec 2021 and down 35.6% from the previous month/Nov’s 1,666.
  • At 1,464 Dec 2022’s Closed Sales (Solds) are down 43.3% from Dec 2021’s 2,582, and down 9.7% from the previous month/Nov 2022’s total of 1,621.
  • At 1,206 Dec 2022’s Pending Sales (accepted Offers) are down 37.9% from Dec 2021’s 1,942, and also down 19.5% from the previous month/Nov’s total of 1,498.
  • The Average Sale Price for December 2022 of, $566,700 is down $16,200 from last year/Dec 2021’s $582,900, and down $17,900 from the previous month/Nov’s $584,600.  YTD Average is 610,900, up 6.8%  (+15.8% in 2021)
  • The “Median” Sale Price (the price smack dab in the middle of all sales) in December 2022 of $507,500 is down $3,500 from last year/Dec 2021’s $511,000, and down $18,400 from the previous month’s $525,900.  YTD Median is 548,400, up 7.7%   (+15.7% in 2021)                    

Neighborhoods/Areas of Portland:

LAKE OSWEGO (December 2022):

142 Active Listings (Nov 173)
40 New Listings  (Nov 73)
35 Pending Sales (Nov 48)
59 Closed Sales  (Nov 69)
Average Sale Price for Nov: $820,200 (Nov $1,003,400)
NOTE: Higher-Priced vs Lower-Priced Homes Sales can skew the “Average” in any given month.  Lake Oswego has quite a variety, so this tends to be a less meaningful stat, generally speaking, in this niche.
58 Days on the Market   (Nov 42)

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