And in partnership with Pat Weiss*
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Portland Real Estate Update |
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Over 70 Years Combined Experience, Since 1988 |
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Portland Market as of April, 2023 |
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New Listings continued their decline for yet another month making for a continued low inventory market. New listings are down a whopping 48.7% from last month! This is resulting in the inventory of homes dropping from 2.7 months to 1.6 months in just 60 days (a "normal" market is about 6 months). The issue is the same, most anyone who purchased a home in the last five years got a below 4% interest rate, and most of the remainder refinanced to one. So why would someone who has a 2.7% loan sell their house and buy one for 7.5%? As a result, many of the listings we are seeing are mainly relocation, or people moving to independent living, and even divorce, in other words only those who "have to". However with recent rate reductions to the low 6% range, we expect the buyer market to pick up even more which if holds, should result in more homes coming on the market. I know right now we have several coming up this month. Comparing March '23 with March '22 for the Portland, Oregon metropolitan area, the average sales price has increased 4.3% to $607,500. CLICK ON THE IMAGE ABOVE TO DOWNLOAD THE ENTIRE 7 PAGE PDF FILE
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Home Price Appreciation To Continue |
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According to to the home price expectation survey, done nationally most are expecting a mild decline in 2023 followed by several increases in the following years. This is national, here in Portland we do have our land restraints resulting in almost no affordable new construction homes coming online anytime soon, so we might not see the same dip. However, some of the "declines" really are more of someone asking a crazy price for their home, and then reducing it for a final sale. |
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The Difference Between 6% and 7% is Substantial! |
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Interest rates in the last few weeks have bounced between 6% and 7% for the most part, so I thought I'd look at what a difference that makes. On the chart you can see a $325,000 mortgage amount with rates at 7% and 6% and for that mortgage amount the difference is a whopping $213.69 a month! And that's for only a $325,000 loan which with our market prices being higher will result in more significant savings |
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Search ALL Portland Area Homes |
Click on the link below, or the image to search the Portland area MLS for all single family, condo, or multi-family homes in the Portland metro area. The site also includes some pre-defined common searches on the right side, and also always shows the most recent 20 listed properties in the metro area. Be sure to SAVE your search, that way you will always be notified of any new matches as they happen. www.allarealistings.com/
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Search Palm Springs Area Homes |
As many of you know, Rob Levy is also licensed in California with Keller Williams Realty and sells investment and vacation homes to many of his Portland area clients. You can check out all the homes and condos in the Coachella valley cities of Palm Springs, Cathedral City, Rancho Mirage, Palm Desert, Indian Wells, La Quinta, Bermuda Dunes, Sun City and Indio by clicking on the link below or the picture. www.AllDesertListings.com
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Thanks for checking out this newsletter, and for supporting our real estate team for all these years. We are always available for you. ROB LEVY, CAITY ABOUAF and PAT WEISS
*Pat Weiss is licensed with Oregon Referral Partners, LLC. Same address as below.
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Give Us a Call
(503) 906-1444
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Now More Than Ever, Experience Matters |
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The Rob Levy Team, Rob Levy Principal Broker and Caity Abouaf, Broker
Keller Williams Realty Professionals / Main Office (503) 546-9955
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