Here is our monthly look at the surrounding areas and LO stats broken out below:
Overview/Fluctuations ~ May 2023 Market Data:
Inventory is mysteriously staying the same (low). So, the number of homes entering the market is increasing, the number of homes with accepted Offers is increasing, and the number of Closed sales is increasing…but Inventory is staying the same. And if you look at the Neighborhood Report below you’ll see that in most areas on the east side (with the exception of Oregon City) the price is not moving dramatically from last month, while a few areas were really notable, such as Oregon City/Canby (which dropped by $46,500), West Portland (which rose by $42,500) and Beaverton/Aloha (which rose by $46,000). Overall I’d say it looks to me like the west side is picking up faster than the eastside.
Rates: “Good news on the inflation front will help rates drop. Right now, we are still in the mid to upper 6% range” Gary Boyer, Regional VP, Directors Mortgage
According to the RMLS Market Action Report for the Portland Metro Area-May 2023:
- There were 3,200 New Listings in May– which is down 15.9% from 3,853 in May 2022 and up 22.1% from the 2,653 the previous month.
- At 2,008 May 2023’s Closed Sales (Solds) are down 31.1% from May 2022’s 2,916, and up 17.6% from the previous month’s total of 1,707.
- At 2,379 May 2023’s Pending Sales (Accepted Offers) are down 23.8% from May 2022’s 3,122, and up 9.9% from the previous month/April’s total of 2,164.
- The Average Sale Price for May 2023 of, $618,800 is down $30,800 from last year/May 2022’s $649,600, and up $12,700 from the previous month/April’s $606,100.
- The “Median” Sale Price (the price smack dab in the middle of all sales) in May 2023 of $550,000 dropped $25,000 from May 2022’s $575,000, & is up $20,000 from April’s $530,000.
LAKE OSWEGO: (May ’23)
206 Active Listings (Apr 170)
165 New Listings (Apr 135)
122 Pending Sales (Apr 107)
110 Closed Sales (Apr 88)
Average Sale Price for May: $1,043,900 (Apr $1,126,300)
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.
44 Days on the Market Apr 34)
The data listed above is as reported by the Regional Multiple Listing Service (RMLS).