May 2023 Monthly Market Checkin

October 2, 2023

Again, I want to thank you for your continued business. I always want to bring you great value in the Real Estate market. I spend time evaluating our local market so that you are well educated to make a wise decision.

Here is a synopsis of our current market based on the most recent statistics.  If you have any questions, please give me a call to discuss details. 

Current Active Listings (All Types)1961Even from last month & up 31% from this time last year
Current Pending Listings1165Up 15% from last month & down 9% from this time last year
Sold Listings last Month650Down 11% from last month & down 42% from this time last year
New Listings last Month1030Up 5% from last month & down 27% from this time last year
Months of Inventory2.54Up 4% from last month & up 61% from this time last year
Absorption Rate33%*up 11% from last month & down 72% from this time last year
*Based on current active listings vs sold listings for the past month
Average Sales Price in All Categories$440,000Down 0.9% from last month & down 7% from this time last year
Average Residential Sales Price$479,000**Up .21% from last month & up 1.7% from this time last year
**Based on Willamette Valley Multiple Listing Statistics
Average Owner Occupied Interest Rates6.39%***Up 1.7% from last month & up 19% from this time last year
***Based on Freddiemac.com Statistics of 30 year fixed mortgage

Overall sales activity continues to remain slower; similar to 2015 levels. We have seen interest rates settle and be fairly level over the past few months. This indicates that the markets are not too concerned with a higher inflationary period moving forward. We are also experiencing inventory to tick up, but not by much. With that, demand continues to remain high as we are seeing a modest increase in overall Residential prices continue. May is expected to be a big month concerning the CPI data coming out on the 10th and the expectations that we will see some of the lagging indicators for inflation, like shelter costs, to take effect. Many expert economists believe we are rounding the corner of this monster, but there are so many other deciding factors that can influence our economy. I feel the powers that be are doing everything they can to destroy our economy.

Here is a question to consider. Would you rather buy a home today with slightly higher interest rates or wait for rates to drop? Waiting can be a catch 22 where we could see more competition and therefore more rejected offers or escalating offers above asking price. With remaining record lows of inventory, we are already seeing the escalation game increase in intensity as we get further into this year; so it is expected that this will continue. For many buyers who are struggling to compete, it may be better to buy when the competition is limited.

This past week, the FED raised interest rates another 25 BP or 1/4 of a point. They continue to see people pay for things they want, especially for hospitality and travel. This is expected to continue as we get closer to the vacationing season. Summer is fast approaching and many families will be moving to reposition themselves for school and other priorities as well.

If you are planning a move, then get ready. If you are a seller, then you will want to strategize a transitory plan. If you are a buyer, you’ll want to position yourself to compete at the highest level.

Give me a call as I can help you navigate through all of these moving steps.

Paramount Oregon Paramount Oregon
© 2024 Brian & Nina White
1008 12th St. SE Salem
Principal Brokers Licensed in the State of Oregon