Portland Real Estate Market Analysis for January 2022
A new year comes with new challenges and experiences. As we start 2022, Peak Realty has analyzed the Portland area to see the possible trends and the direction the market will be taking to better help our clients. A close evaluation of the region’s facts and figures is essential in guiding investors in this ever-changing market.
Does the Market Favor Buyers or Sellers?
A keen real estate analyst will tell you that the market tends to cool down a bit during the fall and winter months. 2021 experienced some minor fluctuations in the buying trends still related to the pandemic and people now wanting different things from their homes. 2022 is already demonstrating that the Portland real estate sector will continue to be favorable to the seller's market with the steady increase in home prices and the drop in inventory.
Average and Median Sale Prices
There has been a small increase in the average prices of properties in the metro area of the Portland real estate market. The average price increased to $582,900 in December 2021 compared to the previous $575,600 of November 2021.
Between January 2021 and January 2022, the average sale price registered a remarkable 14.0 % increase. It rose from $514,700 in January 2021 to $586,600 in January 2022.
The median sale value also went up by 11.3% between 2021 and 2022. It increased from the initial value of $460,000 to a significantly higher $512,000.
New Listings and Sales
As of the beginning of 2022, new listings dropped by 10.5% to stand at 2,307, a lower figure from the 2,579 registered in January 2021. However, the amount was a 44.3% increase from the figure recorded in December 2021, which stood at 1,599.
Pending sales were 2,496 for January 2021 and 1,942 for December 2021. As of January 2022, the figure recorded was 2,287. Closed sales recorded a 0.3% increase from January 2021, standing at 1,853 from the previous 1,847. Nonetheless, it was a 28.2% decrease from December 2021, which recorded a figure of 2,582.
Low Inventory Favoring A Seller’s Market
Portland area’s low inventory is good for a seller, with the inventory rising to 0.8 months as of January. There was also an increase in total market time, which stood at 38 days.
Are Condos Selling Well in Portland?
Recent research by real estate companies in Portland painted a rather grim picture of the sale of condos in Portland in 2022. The report from Fidelity National Title showed that it is much easier to sell single-family properties than to sell condos. Averagely, it takes around 110 days to sell a condo in the Portland market, but the inventory is decreasing at a steady rate.
Nonetheless, over the last few months, the difference between active listings and closed sales for condos in Portland has decreased considerably. Condos remain economical and are an affordable option in Portland, especially for those buying property for the first time.
If you are looking to buy or sell property in the Portland real estate market, the above statistics can guide you in making a decision that best fits you and your needs. In case you need any assistance, our qualified personnel here at Peak Realty are available to give you the best tips and take you through the whole process of real estate transactions. You can contact us via our email or by calling us. Alternatively, you can engage with our chatbot before making a decision.
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