Posted by Lauren Perreault on Thursday, September 14, 2023 at 9:49 AM By Lauren Perreault / September 14, 2023 Comment
Prices and Buyer Demand are Down in Portland Metro Real Estate - New Trends or an Off Week?
The Average Sale Price Dropped 8% from the previous week - moderating from last week's anomalous high. This week's average sale price was 1.2% lower than last year at this time and was much more in line with recent trends.
Buyer Demand is Down at the same time that Inventory (and the number of homes newly listed for sale) is Up. However, this is a typical market dynamic for the week that school starts (or the week before school starts - depending on where you live in the metro area). In 2019, '20, '21 and '22, we saw a drop in buyer demand and a spike in inventory similar to this year. We should expect these numbers bounce back in line with recent trends by next week.
No Changes in the number of Bank Owned or Pre-Foreclosure Homes on the market. The Notices of Default (the first step in the foreclosure process) are still unusually low - indicating that there's still no wave of foreclosures rushing to our market.
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