Real Estate Market Data Is Mixed Year Over Year In The Portland Metro Market

Dated: 10/18/2018

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Key Residential Market Factors from September 2018 

Months of Inventory

September Residential Highlights 

Cooler numbers came to the Portland metro area this September. New listings (3,606) fell 1.0% short of the 3,644 new listings offered last year in September 2017 and 14.4% short of the 4,214 new listings offered last month in August 2018. 

Similarly, pending sales (2,471) decreased 9.5% from September 2017 (2,730) and 10.5% from August 2018 (2,760). 

There were 2,272 closings in September, a 14.6% decrease from September 2017 (2,660) and a 23.4% decrease from August 2018 when 2,967 closings were recorded. 

September saw inventory rise to 3.1 months, with total market time rising by five days to 45 days. 

There were 7,082 active residential listings on the market in the Portland metro area in September. 

Year to Date Summary 

Activity so far in 2018 is mixed compared to 2017. New listings (34,440) are up 2.6%. Pending sales (24,161) are down 2.8% and closed sales (22,983) are down 3.5% for the year so far. 

Average and Median Sale Prices Active Listing Comparison

Comparing 2018 to 2017 through September of each year, the average sale price rose 5.8% from $428,800 to $453,800. In the same comparison, the median sale price rose 5.3% from $379,900 to $400,000.

Bottom Line

Real Estate is shifting slightly for the better overall. It remains a Sellers Market and will continue to be until we reach 6 months of inventory and a balanced market. With equity gains leveling off it is more important then ever to price your home correctly. Expect longer market times the remainder of this year through next then experienced in recent past.  For Buyers, this is a good time to get back in the market. A little higher inventory to choose from and less competition among Buyers may leave room for negotiation and a day to "think" about the home.

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