January 2022 Residential Review: Portland Metro

January has come and gone, and we are officially into 2022. As I write this, interest rates for 30-year fixed mortgages have risen to ~4.09%. My opinion is that we will be hovering around 5% for 30-year fixed mortgages by the end of 2022.?

Here are the facts and figures:

• New listings decreased 10.5% year over year
• New listings increased 44.3% from December 2021 to January 2022
• Pending sales decreased 8.4% year over year
• Closed sales increased 0.3% year over year
• Total market time increased to 38 days from 32 days in December 2021.
• Inventory Increased to 0.8 months in December.

*This is only a slight increase from the lowest inventory number ever recorded in RMLS history posted in December 2021

Comparing the twelve months of 2021 to the same period in 2020:

• New listings decreased 10.5%
• Pending sales decreased 8.4%
• Closed sales increased 0.3%
• The median sale price has increased 11.3% from $460,000 to $512,000

Take-aways for buyers:

• Properties are scare! Waiting for a “market correction” may not be in line with market conditions of low supply
• Interest rates are headed back to historical averages - talk with your local lender to see how you can best take advantage of current rates
• Be sure that you are pre-approved so your offers will be taken seriously by sellers

Take-aways for sellers:

• It is a marvelous time to sell your home?
• It is important to line up your future living situation if you’re selling your current residence