The leaves are starting to change colors into glorious yellows, orange, and red. Meanwhile, the Portland real estate market is showing some signs of change. PDX Urban has the latest real estate market numbers to check out for anyone thinking about buying and selling during the fall season.
As always, if you have any questions please feel free to Contact Us at any time!
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 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.