It’s that time of year when our numbers have come in for the previous 12 months and we get to compare. I try to give a comprehensive look at the various areas or “Neighborhoods” (see Neighborhood Report graph below) that make up the Portland Metro area which includes Lake Oswego and breaks out our monthly comparison for LO also at the bottom. Here is the way it ended up!
Overview/Fluctuations ~ December 2023 – YEAR END Market Data:
It’s been an interesting and atypical year in real estate overall. What we can see is that the market seems to be stabilizing with Inventory on it’s way to normalizing and prices stabilizing somewhat, ie still up over last year, while down seasonally from the month prior. We’ve seen a decreasing trend in Activity since the beginning of the Fed’s rate-hiking spree in Fall of 2022, and/but that seems to be turning around now based on 2024’s start and coinciding with the Fed backing off and anticipated/stated continuance of that. All in all, the experts are predicting a flourishing 2024 real estate market, and that’s what we’re seeing on the ground in Portland, OR.
As for Lake Oswego: Lake Oswego is the standout that continues to see healthy appreciation through thick & thin!
Rates: “Despite volatility with inflation numbers, rates are holding under 7% and looking great!” Gary Boyer, Regional VP, Directors Mortgage
The twelve months of 2023 compared to 2022: New Listings, (29,689) decreased 18.%. Pending Sales (21,363) decreased 20.4%, and Closed Sales (20,941) decreased 25.2%. By Comparison, Twelve months of 2022 as compared to 2021 from last year’s December Report: New Listings, (36,210) decreased 10.7%. Pending Sales (26,852) decreased 24.2%, and Closed Sales (27,985) decreased 20.5%.
According to the RMLS Market Action Report for the Portland Metro Area December 2023:
- There were 1,026 New Listings in December which is down 4.4% from 1,073 in Dec 2022 and down 43.9% from the 1,828 in the previous month/November.
- At 1,330 Dec 2023’s Closed Sales (Solds) are down 9.2% from Dec 2022’s 1,464, and decreased 1.0% from the previous month’s total of 1,344.
- At 1,309 Dec 2023’s Pending Sales (Accepted Offers) are up 8.5% from Dec 2022’s 1,206, and down 9.2% from the previous month/November’s total of 1,441.
- The Average Sale Price for Dec 2023 of, $586,800 is up$20,100. from last year/Dec 2022’s $566,700, and dropped $9,300 from the previous month/Nov’s $596,100.
- The “Median Sale Price (the price smack dab in the middle of all sales) in Dec 2023 of $525,000 is up $17,500 from Dec 2022’s $507,500, & dropped $2,600 from Nov’s $527,600.
LAKE OSWEGO: (Month of Dec ’23)
171 Active Listings (Nov 199)
45 New Listings (Nov 75)
46 Pending Sales (Nov 73)
60 Closed Sales (Nov 81)
Average Sale Price for Dec: $1,095,500 (Nov $1,068,800,500)
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.
71 Days on the Market (Nov 68)
The data listed above is as reported by the Regional Multiple Listing Service (RMLS)