Here is your monthly look at what’s happening in Portland metro and how it relates to Lake Oswego (broken out at the bottom):
Overview/Fluctuations ~ August 2023 Market Data:
In August Inventory showed a bit of a dip but not much. We still have a pretty pronounced shortage of homes persisting. Prices are down from July in most places. Check out the Neighborhood Report below for specifics on various parts of Portland’s metro & surrounding areas.
Rates: “The Fed meets this week and no moves are expected. That is a good sign for rates moving forward” Gary Boyer, Regional VP, Directors Mortgage
According to the RMLS Market Action Report for the Portland Metro Area-August 2023:
- There were 2,923 New Listings in August– which is down 8.9% from 3,209 in August 2022 and up 0.8% from the 2,899 in the previous month/July.
- At 2,155 August 2023’s Closed Sales (Solds) are down 16.5% from August 2022’s 2,581, and increased 12.7% from the previous month’s total of 1,912.
- At 2,053 August 2023’s Pending Sales (Accepted Offers) are down 18.9% from August 2022’s 2,530, and also down 4.3% from the previous month/July’s total of 2145.
- The Average Sale Price for August 2023 of, $608,300 is up a slight $600. from last year/August 2022’s $607,700, and down $12,100 from the previous month/July’s $620,400.
- The “Median Sale Price (the price smack dab in the middle of all sales) in August 2023 of $536,000 dropped $12,400 from August 2022’s $548,400, & $13,900 from July’s $549,900.
NEIGHBORHOODS REPORT:
LAKE OSWEGO: (August ’23)
290 Active Listings (Jul 274)
151 New Listings (Jul 176)
93 Pending Sales (Jul 109)
111 Closed Sales (Jul 113)
Average Sale Price for August: $1,184,900 (Jul $990,700)
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.
44 Days on the Market (Jul 31)
The data listed above is as reported by the Regional Multiple Listing Service (RMLS).