Here is your breakdown from the previous month/August 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 ~ August 2024 Market Data:
Prices were notably declining across much of the Portland area during August (see Neighborhood Report below), with a few exceptions mostly in outer metro areas. New Listings are down 8.7% from last year at this time, and Pending sales are down 6.3% from the previous month/July. Anecdotally, we’ve noticed Buyers & Sellers saying they’re holding off till the Fed lowers rates… ***which it just did*** by ½ point! It also announced another likely rate cut this year. I guess we’ll see if that spurs more activity for our usual upswing in the Fall. Inventory is rising consistently if slightly.
Rates: “The Federal Reserve is confident inflation is in check. Rates should be solidly in the 5’s soon!”. Gary Boyer, Regional VP, Gold Star Mortgage Financial
According to the RMLS Market Action Report for the Portland Metro Area August 2024:
- There were 2,669 New Listings in August which is down 8.7% from 2,923 in August 2023 and down 8.1% from the 2,905 in the previous month/July.
- At 1,957 August 2024’s Closed Sales (Solds) are down 9.2% from August 2023’s 2,155 and down 5.7% from the previous month’s total of 2,075.
- At 2,052 August 2024’s Pending Sales (Accepted Offers) changed 0.0% from August 2023’s 2,053, and decreased 6.3% from the previous month/July’s total of 2,191.
- The Average Sale Price for August 2024 of, $620,800 is up$12,500. from last year/August 2023’s $608,300, and down $2,100 from the previous month/July’s $622,900.
- The “Median Sale Price“ (the price smack dab in the middle of all sales) in August 2024 of $555,000 is up $19,000 August 2023’s $536,000, & up $5,000 from July’s $550,000
LAKE OSWEGO: (Month of August ’24)
329 Active Listings (July 337)
127 New Listings (July 169)
92 Pending Sales (July 116)
99 Closed Sales (July 104)
Average Sale Price for August: $1,050,500 (July $1,156,200)
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.
52 Days on the Market (July 74)
The data listed above is as reported by the Regional Multiple Listing Service (RMLS)