Here is your breakdown from the previous month/February for Portland and surrounding areas including LO broken out at the bottom. ***Be sure to check out the Neighborhood Report which categorizes down into smaller pieces.
Overview/Fluctuations ~ February 2024 Market Data: OK! We still need more Inventory but, noting the usual surge at the beginning of the year, we’re still in decent shape compared to recent history. More people are Listing their homes than at this time last year, and Buyer activity is up as evidenced by the rise in Pending sales/Accepted Offers over last month. East side prices all appear to be rising and we see West Portland, Beaverton, Tigard and Hillsboro areas all seeming to take a little dip.
Rates: “No surprises with recent inflation and jobs data means rates are holding steady 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 February 2024:
- There were 2,085 New Listings in February which is up 18.2% from 1,764 in Feb 2023 and up 7.4% from the 1,941 in the previous month/January.
- At 1,284 Feb 2024’s Closed Sales (Solds) are down 10.5% from Feb 2023’s 1,434, and up 14.6% from the previous month’s total of 1,120.
- At 1,742 Feb 2024’s Pending Sales (Accepted Offers) are up 2.3% from Feb 2023’s 1,703, and up 16.8% from the previous month/January’s total of 1,492.
- The Average Sale Price for Feb 2024 of, $576,900 is up$7,700. from last year/ Feb 2023’s $569,200, and up $12,300 from the previous month/Jan’s $564,600.
- The “Median Sale Price (the price smack dab in the middle of all sales) in Feb 2024 of $530,000 is up $17,100 from Feb 2023’s $512,900, & up $25,000 from Jan’s $505,000
LAKE OSWEGO: (Month of Feb ’24)
177 Active Listings (Jan 167)
123 New Listings (Jan 96)
91 Pending Sales (Jan 69)
60 Closed Sales (Jan 44)
Average Sale Price for Feb: $1,018,400 (Jan $883,600)
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.
77 Days on the Market (Jan 89)
The data listed above is as reported by the Regional Multiple Listing Service (RMLS)