Here is your breakdown from the previous month, November, for Portland and surrounding areas including LO broken out at the bottom. This is a once-a year opportunity to see how things compare to the data thru last Dec 31st., 2023) as well as usual the Nov to Dec changes. ***Be sure to check out the Neighborhood Re~ port which categorizes down into smaller pieces.
Overview/Fluctuations ~ December 2024 Market Data:
(**Check out my Neighborhoods Report toward the bottom for details specific to most Portland area neighborhoods or areas of interest.)
New Listings, Pending Sales and Closed Sales were all up from year-end 2023 and down from the previous month, November 2024. Average Sale Price is down slightly from last year and down significantly fron November, whereas the Median Sale Price remained approximately the same. Inventory continues to be low, and we also need to remember that this is somewhat normal for holiday time every year, as are fluctuations in activity. See the Year-End Neighborhood Report below where I compare the differences in Price and Appreciation/Depreciation for each area of the general Portland Metro Area. Happy 2025! It’s off to a busy start!
Rates: “Positive news on inflation has helped stabilize rates in the mid to upper 6% range” Gary Boyer, Regional VP, Gold Star Mortgage Financial
According to the RMLS Market Action Report for the Portland Metro Area December 2024:
- There were 1,068 New Listings in December which increased 4.1% from the 1,026 in Dec 2023 and decreased 26.8% from the 1,459 in the previous month/Nov.
- At 1,534 Dec 2024’s Closed Sales (Solds) are up 15.3% from Dec 2023’s 1,330 and down 8.7% from the previous month’s total of 1,681.
- At 1,326 Dec 2024’s Pending Sales (Accepted Offers) are up 1.3% from Dec 2023’s 1,309, and decreased 16.2% from the previous month/Nov’s total of 1,582.
- The Average Sale Price for December 2024 of, $578,300 is down$8,500. from last year/Dec $586,800, and down a whopping $37,400 from the previous month/Nov’s $615,70.
- The “Median Sale Price (the price smack dab in the middle of all sales) in Dec 2024 of $525,000 is unchanged from Dec 2023’s $525,000, and down $10,000 from Nov’s $535,000.
LAKE OSWEGO: (Month of December ’24)
204 Active Listings (Nov 253) ** Dec 2023: 171
46 New Listings (Nov 63 ** Dec 2023: 45
55 Pending Sales (Nov 72) ** Dec 2023: 46
80 Closed Sales (Nov 79) ** Dec 2023: 60
Average Sale Price for Dec: $937,000 (Nov $1,044,400) **Dec 2023: $1,095,500
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.
97 Days on the Market (Nov 79) **Dec 2023: 71
The data listed above is as reported by the Regional Multiple Listing Service (RMLS)