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Q1 2024 Market Update

Oregon

Spring has finally arrived in the Pacific Northwest, and the Oregon market remains fairly strong and is still a seller’s market, despite the recent upward trajectory of mortgage interest rates.

Portland Metro inventory has grown in Q1, with a 50% increase in listings in February and March of 2024 compared to the beginning of 2023. That being said, pending sales have increased as well. So the anticipated flood of new listings did not happen and prices remained strong!

The North Coastal Counties have seen an almost 50% increase in listings between March and April, with a whopping 10.5% increase in sales price from March to April. Overall, the average sales price increased by ~1.4% year over year.

The Willamette Valley has seen new listings increase by 14.4% YoY, with the median days on market decreasing by 4.2%. So homes are selling fast even with the increase in inventory.

Bend has seen another ~50,000 year-over-year increase in average sales price, from $547,982 in April 2023 to $611,320 in April 2024.

As warmer weather arrives, we prepare for the cyclical increase of not only new listings, but also new pending transactions and sales — fairly typical for Oregon. As more and more listings enter the market, we anticipate late spring and summer to be very busy!

 

COAR- Bend: YoY median sale and list prices

 

RMLS- Portland Metro: Year to date Residential Highlights

 

WVMLS April 2024 stats

 

Actionable Advice for Oregon Agents:

  • Spring is here and, as a result, we see more buyers entering the market. Multiple offers are again very common, so prepare your clients in terms of what to expect in the coming months.
  • Now that mortgage interest rates have been somewhat stable, buyers seem to have accepted the change. The idea of “I may be waiting for something that may, or may not happen” has manifested itself in buyers being OK with paying the new “normal,” albeit higher interest rates. Time to reach out to those buyers who were previously on the fence!
  • Given the upward trajectory of time on market, pricing homes right (or at the very least, having a pricing strategy and conversation with your sellers) will help you and your sellers get to the finish line faster. If priced properly, listings still receive multiple offers. So pricing right is key!

If you have any questions or concerns, please do not hesitate to reach out. I’m only a call or text away: 503-267-7202.

Cheers,

Tamara Taylor
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Key Stats for April 2024 (PDX Metro)

New listings
3120
2024
Percentage Change
+17.6%
YoY
Sold Listings
1707
2024
Percentage Change
+10.3%
YoY
Median Sale Price
$529K
2024
Percentage Change
+1.9%
YoY
Average Days on Market
83
2024
Percentage Change
+75.5%
YoY

Information and statistics were compiled and reported by RMLS, WVMLS, and COAR.

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