Housing Market News for July - Portland Metro
July 2023
A Bird's Eye View
The real estate heartbeat of the Portland Metro area has experienced some palpable fluctuations, as evidenced by the recent Market Action Report. Across the board, there's been a downward trend: a 23.0% decrease in new listings from July 2022 and an even more recent 12.1% dip from June 2023. Similarly, both pending sales and closed sales have followed suit, showing reductions of 12.3% and 19.3% respectively, from the previous year. While year-to-date figures cement this trend, a silver lining emerges in the form of a reduction in total market time, now averaging a brisk 33 days.
For the Prospective Buyers
For those looking to secure a slice of the Portland real estate pie, the market's present state offers some intriguing prospects. The contraction in average and median sale prices - down by 3.5% and 3.2% respectively from last year - suggests a possible easing of property values. This dip, paired with the broader market contraction, might grant potential buyers a stronger negotiation position, a slight ease in competition, and a more varied selection. The key for buyers will be to capitalize on these nuances, ensuring they lock in favorable terms while the market remains in this state of flux.
Sellers, Here's Your Takeaway
For homeowners contemplating a sale, the market's current dynamics present a multifaceted picture. The obvious concerns stem from the decline in new listings and sale prices. However, it's essential to focus on the swiftness of the market, with homes spending just 33 days on the market on average. This indicates that, despite the broader slowdown, there's still a healthy appetite for Portland properties. Potential sellers should consider strategic pricing, effective marketing, and possibly staging to enhance the appeal of their homes. With the right approach and by partnering with an experienced realtor, sellers can navigate the market's currents and find success.
With years of experience in the industry, Real Estate Broker Francisco Salgado brings a dynamic team to assist you with all your property needs, offering valuable insight on market trends that will impact your buying, selling, and investing in real estate.
What sets Francisco apart, as an artist and home remodeler, is his remarkable ability to envision the necessary steps to transform a house that may not initially meet all the requirements into a dream home that fulfills your desires. Providing exceptional service, Francisco ensures that every client feels comfortable and confident throughout the buying or selling process.
Additionally, Kim, an artist, home remodeler, and cat lover, though not a broker yet, specializes in real estate research, home staging, capturing perfect imagery for selling your house, and effective marketing strategies. Together, as artists with a creative vision for homes, they possess a profound understanding of the local market and are fully committed to helping buyers, sellers, and investors achieve their real estate goals.
If you're seeking reliable and experienced real estate brokers who are also artists, home remodelers, and cat lovers in the Portland metro area or Vancouver, Washington, look no further than Francisco Salgado and Kim. Contact them today to schedule a consultation and take the first step toward achieving your real estate goals. Reach out to Francisco and Kim for innovative solutions to all your real estate needs by calling or texting 503-951-8548.