Portland Metro Housing Update - Resale Only
We saw a favorable spike of intensity in the market in January. Although fewer new resale listings and fewer homes went under contract, this is a stark contrast to what is happening in the market.
For new listings priced up to $1 million, there was a very strong level of Sales Activity Intensity™ with some multiple offer situations; this represents 96% of sales activity.
There was a healthy level of sales activity up to $1.5 million.
SALES ACTIVITY INTENSITY™ SCALE
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Housing Update - Resale Only
KEY MARKET INDICATORS FEBRUARY 2023 (JANUARY RECAP)
With fewer buyers looking to purchase homes, fewer homes are coming onto the market, leading to the shortage/low level of unsold inventory. We see this in the more affordable and mid-price+homes where approximately 80%+ of sales activity occurs. After the first of the year, we saw an increase of one+ level of
hotness of Sales Activity Intensity™ for new resale listings going under contract within the first 30 days.
Starting pre-summer, intensity mellows as we experience more new listings coming onto the market.
Remember, buying and selling within the same market timing is okay.
Current housing market