Portland Condo Report for October 2022
We are seeing the effects of higher interest rates and the seasonal slowdown playing out in the condo market in Portland. While sales typically slow down around the holidays it has been more abrupt than usual in 2022. Consider these changes since our last condo report in May:
- Median Price down from $449k to $425k (a 5.3% decline). We feel this is almost entirely due to rising interest rates as buyers' purchasing power diminishes with each notch up of the 30 year fixed rate.
- Average Days on Market up to 71 from 49 (a 44% increase). Fewer qualified buyers means properties stay on the market longer, although we have seen condos that are priced well still sell quickly.
- Inventory is up from 399 to 527 (a 32% increase). Again, fewer buyers and sellers who are unwilling to lower prices to accomodate current market conditions is leading to more properties staying on the market and higher inventory.
What this means is that we rapidly shifted from a seller's market after Covid to a buyer's market. If you are a cash buyer with a long timeframe this could be an opportune time to buy as you'll benefit from the lower prices without having to suffer the bite of the higher interest rates.
Contact us today if you're thinking about buying or selling a condo in Portland. We have helped many people just like you navigate these fast-changing markets and would like to put our expertise to your service.