Overview/Fluctuations ~ July 2023 Market Data:
Greetings Property Blotter readers! I’ll have the August stats to you in a couple of weeks when they come out, but here is the latest full-month activity picture w/Lake Oswego broken out at the bottom~
Activity in July was down from last year and from the month prior. A slow-down in July is not exactly unusual as people go on vacation roughly after the 4th of July onward, and then things pick back up a bit mid-August. Lake Oswego saw an uptick in Closed Sales from 87 in June to 113 in July. Metro Area Inventory is increasing at 2.4 months for July though we still are in a crunch all over with regard to available homes in relation to demand. Metro Time-on-Market is holding at 33 days. I took a look at what price-ranges are getting the most action: In July 2021 the hottest range was $308,000-$506,000. July 2023: $275,000-$422,000.
Rates: “Interest rates are being pressured higher right now. Currently, 30-year fixed rates are in the mid to upper 7% range” Gary Boyer, Regional VP, Directors Mortgage
For the long-term, the outlook is still positive: eight major research institutions are all forecasting rates down next year.
According to the RMLS Market Action Report for the Portland Metro Area-July 2023:
- There were 2,899 New Listings in June– which is down 23.0% from 3,763 in July 2022 and also down 12.1% from the 3,298 in the previous month/June.
- At 1,912 July2023’s Closed Sales (Solds) are down 19.3% from July 2022’s 2,369, and also down 8.3% from the previous month’s total of 2,085.
- At 2,145 July 2023’s Pending Sales (Accepted Offers) are down 12.3% from July 2022’s 2,445, and also down 5.6% from the previous month/June’s total of 2,272.
- The Average Sale Price for July 2023 of, $620,400 is down $15,300 from last year/July 2022’s $635,700, and down $6,400 from the previous month/June’s $626,800.
- The “Median Sale Price (the price smack dab in the middle of all sales) in July 2023 of $549,900 dropped $16,100 from July 2022’s $566,000, & is down $10,000 from June’s $559,900.
LAKE OSWEGO: (July ’23)
274 Active Listings (Jun 236)
176 New Listings (Jun 195)
109 Pending Sales (Jun 118)
113 Closed Sales (Jun 87)
Average Sale Price for June: $990,700 (Jun $1,030,500)
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.
31 Days on the Market (Jun 35)
The data listed above is as reported by the Regional Multiple Listing Service (RMLS).