Activity Has Slowed Down, Portland Real Estate Market Update for August, 2022

Home sales in Portland, Oregon have been below the average rate of sales for 2016-2019 (pre-Covid) during June, July, and August of this year.  In the past Portland Real Estate Market Updates, I have pointed out that the number of new listings that came onto the market starting in the 2nd half of 2020, after Covid hit in the Spring, has not kept up with demand for homes for sale in Portland.  This persisted until the past couple of months.  

To see the market report video, click here --->   Portland Real Estate Market Update, August, 2022

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August, 2022 Portland Real Estate Market Update

In comparison with the number of sales, the number of new listings that came onto the market increased slightly, which may continue.  This would make it a little bit easier for buyers to be able to get their offers accepted, finally, without as much competition.

When the number of homes for sale in Portland and the area reached a low, late last year and earlier this year, the average amount of time it took for sellers to accept offers for their houses reached a low also, earlier this year.  The pace of sales and time on market, though, has slowed a a little over the past few months.  It is still very fast for this time of year. 

Prices have fallen somewhat from their highs earlier this year but still are higher than the average prices from a year ago.  

Call me anytime about your real-estate-related plans or to talk about Portland's real estate market.

503.406.1776