Overview/Fluctuations ~ Market Data: Inventory inched up just a bit in April, and the comparisons to last year and the previous month’s data remain similar to the month before…down over last year, slightly up generally from the prior month, except for Pending Sales which are down a slight 1.3%. See below for more details on that. Total market time is down to 21 days, so activity is up as you’d expect in springtime & plenty of people are out looking for a limited number of homes. Rates continue to rise, so some of the less-than-typical/less-than-robust activity is traceable to that and to the low inventory that persists. It’ll be interesting to see May numbers, as anecdotally, Agents are noticing slowing and a bit of a pause in that usual Buyer-excitement cycle that distinguishes this time of year.
Rates: “We have seen continued pressure on rates as the Federal Reserve fights inflation. A 30-year fixed is at roughly 5.375%” Gary Boyer, Regional VP, Directors Mortgage
According to the RMLS Market Action Report for the Portland Metro Area-April 2022:
- There were 3,684 New Listings in April 2022 decreased 9.4% from April of 2021’s 4,065, and increased 4.6% from the previous month/March’s 3,521.
- At 2,782 April 2022’s Closed Sales are down 5.6% from April 2021’s 2,946, and up 3.7% from the previous month/March’s 2022’s total of 2,683
- At 3,005 April 2022’s Pending Sales are down 11.6% from April 2021’s 3,400, and down slightly at 1.3% below the previous month/March2022’s total of 3,045.
- The Average Sale Price in April 2022 of $632,900 is up $75,000 from last year/April 2021’s $557,900, and up $22,000 from the previous month/March’s $610,900.
- The “Median” Sale Price (the price smack dab in the middle of all sales) in April 2022 of $560,000 rose from last year/April 2021’s $500,000 by $60,000, and $10,000 from the previous month/March’s $550,000.
103 Active Listings (Mar 96)
169 New Listings (Mar 171)
144 Pending Sales (Mar 119)
133 Closed Sales (Mar 102)
Average Sale Price for March: $998,600 (Mar $1,092,200)
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.
26 Days on the Market (Mar 31)