Here is your breakdown from the previous month, November, 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.
The Holiday are here and while things naturally slow down a bit, there is plenty going on! Little has changed in the most active price ranges being pursued, and West Portland seems to be the winner so far in overall Price/Value. Inventory rose slightly, and we’re waiting on news from the Fed this week to see if they lower rates.
Rates: “Rates are now hovering around the 6.0% to 5.999% range, depending on score and down payment. The markets are expecting the Fed to cut the Fed Funds Discount Rate by another .25% at this week’s meeting.” Gretchen Russell, Senior Mortgage Consultant, Two Rivers Mortgage
According to the RMLS Market Action Report for the Portland Metro Area November 2024:
- There were 1,459 New Listings in November which decreased 20.2% from the 1,828 in Nov 2023 and down 36.1% from the 2,283 in the previous month/Oct.
- At 1,681 Nov 2024’s Closed Sales (Solds) are up 25.1% from Nov 2023’s 1,344 and down 14.9% from the previous month’s total of 1,975.
- At 1,582 Nov 2024’s Pending Sales (Accepted Offers) are up 9.8% from Nov 2023’s 1,441, and decreased 21.6% from the previous month/Oct’s total of 2,018.
- The Average Sale Price for November 2024 of, $615,700 is up$19,600. from last year/Nov $596,100, and up $11,500 from the previous month/Oct’s $604,200.
- The “Median Sale Price (the price smack dab in the middle of all sales) in Nov 2024 of $535,000 is up by $7,400 from Nov 2023’s $527,600, and down $5,000 from Oct’s $540,000.
LAKE OSWEGO: (Month of November ’24)
253 Active Listings (Oct 305)
63 New Listings (Oct 108)
72 Pending Sales (Oct 90)
79 Closed Sales (Oct 93)
Average Sale Price for Nov: $1,044,400 (Oct $1,103,400)
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.
79 Days on the Market (Oct 67)
The data listed above is as reported by the Regional Multiple Listing Service (RMLS)