The Portland Metro Residential Market Action report is a monthly review provided by the RMLS, a database where real estate agents are required to post home listings for the region.
October continued the usual fall/winter cooling trend that Portland sees each year. Once again we had a decrease in new listings (-11.7%) and pending sales (-4.1%) compared to the month prior. Expect to see lower inventory in Portland throughout the winter months. Interest rates are just above historic lows, but not expected to raise, giving buyers a pricing advantage. For sellers, now is a great time to cash in on equity gained as appreciation should remain relatively flat.
Activity has been a bit cooler this year compared to 2018 with new listings down 1.4%, and closed sales down 1.8%. But so far we’re seeing a 0.4% increase in pending sales and a 1.2% increase in average sale price.
Two important data points from the report that I’d like to point out are inventory levels and median home selling price. These metrics can help you decide the best time to buy or sell.
Inventory levels are a leading indicator of market strength. Inventory levels for September were reported at 2.4 months, meaning if no new homes came on the market, it would take 2.4 months until inventory sold out completely (at the current rate of sales). Traditionally, many economists consider 6 as a “neutral” or “balanced” market, with anything lower than 6 being a seller’s market, and anything higher than 6 being a buyer’s market. However, for the Portland Metro market, many agents are feeling a shift towards a buyer’s market – even with inventory levels being relatively low.
Median Home Selling Price
The median sales price for September 2019 was reported at $410,500, a 0.1% increase from last month. Lake Oswego and West Linn continue to report the highest median home selling price at $595,000.
Here’s what median home sale prices looked like across Portland city proper:
West Portland: $550,000
North Portland: $400,000
NE Portland: $420,000
SE Portland: $389,900
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