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Common Real Estate Terms

1/15/2023

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This month I am sharing a list of some of the more common terms you may hear regarding real estate transactions. If you have any questions on these or any other real estate-related concerns, please feel free to reach out to me. I’ll be happy to help you out

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December 2022 - Market Action Report - Portland, OR

1/11/2023

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Below are the latest Real Estate market statistics for Portland and the Surrounding Areas for the full month of December 2022.  Click on the image below to see the full detailed report.
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Home inventory* dipped back down to 2.3 months. 

The median sales price is down a bit (-0.7%) over December of last year now at $507,500. 

December 2022 vs November 2022
New Listings are down 35.6%
Pending Sales are down 19.5%
Closed Sales are down 9.7%


December 2022 vs December 2021
New Listings are down 32.9%
Pending Sales are down 37.9%
Closed Sales are down 43.3%


Homes are taking roughly 3 weeks longer to sell than they did in December of 2021.
*Home inventory refers to the length of time that it would take to run out of houses to sell if we continue selling at the current rate without listing any additional homes for sale.
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Looking Ahead to the 2023 Real Estate Market

1/1/2023

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As we start a new year, the real estate market is once again shifting. After a historic run, with home sales and prices reaching record highs, they are leveling. Mortgage interest rates continue to be affected by Federal Reserve decisions to address inflation.
 
This month we are sharing with you some well-researched statistics on how the real estate market reacted in the last half of 2022 as well as projections for 2023. Inventory is still low, but buyers now have a few more days to make their decision and may be able to ask for seller concessions. Sellers who price their homes right will be well positioned in the market. It’s also important to remember – there will always be buyers and always be sellers – no matter the market! 
 
We are also sharing with you a couple websites where you can find additional easy-to-understand information on mortgage and real estate statistics.
 
We are here to answer any questions you may have about real estate and help you through every step of your future home sale or purchase. Please feel free to reach out to us any time!
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  • Home
  • About Us
    • Mission Statement
    • Rick McDowell
    • Jimmy McDowell
    • Becky Shaw
    • Client Testimonials
  • Sellers
    • What's My Home Worth?
    • Selling a Home in an Estate
  • Buyers
    • Preferred Lenders
  • Our Listings
    • LISTING - 146th Ter
  • Home Search
  • Resources
    • Preferred Lenders
    • Business Directory
    • Client Survey
    • March Madness 2023
  • Blog
  • Contact Us