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Monthly archive for February 2024

2023 Market Statistics – How Did the Year Look?

2023 is in the books, so let’s take a look at how it went. Listing activity was down compared to the last 2 years, and pending and sold listings also were below 2022 and 2021 levels. Cancelled listings trended higher than the past 2 years as well, but not as significantly as the deviations from Active, Pending and Sold listings.

The List to Sell ratio, which shows how much above or below asking price homes sell for, on average, was 99.5 percent. Most homes were selling for half a percent below the list price. That is a significant change from 2022, where houses were selling for above asking price on average, at 102.4%.

Market time was significantly higher than the past 2 years when 2023 began, but by the end of the year, things were trending closer to 2022. Homes are sitting on the market for quite a bit longer than they were during the pandemic years, but are not as high as they have been in past decades when the economy was struggling.

New construction saw a boost in 2023 compared to 2022. 11.3% of residential home sales in the Portland Metro area were new construction, compared to just 9.35% in 2022.

Overall, the market has slowed significantly in 2023, but there are still transactions occurring. While homes are selling for slightly below asking price on average, and with higher market time, we aren’t seeing huge swings in the trends, and transactions are still making it to close in a historically appropriate timeframe. As winter wraps up and we head into Spring, we should see the market ramp up into a busy season once again.

Ticor Thursday Webinar – February

This month’s webinar is on Thursday, February 22nd at 10am. Our topic is A New Landscape: How to Navigate a Changing Rental Market and Capture the Opportunities, taught by Dan Hayes with Real Property Management Solutions.

Click Here to Register or Scan the QR Code Below

Escrow Tip of the Month

This month’s tip comes from Rochelle Navarro, Escrow Officer and Brand Manager of our Amberglen office.

In recent months, there has been an increase in attempted scams targeting absentee sellers. The scammers pose as the property owner and attempt to sell their property without their knowledge. In order to protect these sellers and their agents, we have implemented a multi-step identity verification process for absentee sellers. Through this process, we require a virtual appointment and government ID verification to make sure they’re really who they say they are. The process is quick and seamless but will aid in preventing potential theft. If you have further questions about this process and how it may impact your future transactions, feel free to reach out directly to your Ticor Title Escrow Officer and they will be able to help.

Need assistance? Our customer service team is here to help. Reach them via email at ticor.resource@ticortitle.com or by phone at 503.219.1000

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