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.
September continued the cooling trend that started in August. Once again, we saw a decrease in new listings (-7.6%), pending sales (-8.3%), and closed sales (-18.1%) compared to the month prior. Expect to see lower inventory throughout Portland in the fall and winter months. Interest rates are at historic lows and forecasted to drop even further, giving buyers a pricing advantage. For sellers, now is a great time to cash in on equity gained as appreciation should remain relatively flat.
So far this year, residential real estate activity has been a bit cooler compared to 2018. New listings are down 1.3%, pending sales are down 0.1%, and closed sales are down 2.5%.
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 2.8 months, meaning if no new homes came on the market, it would take 2.8 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 so relatively low.
Median Home Selling Price
The median sales price for September 2019 was reported at $410,000, a 1.8% decrease from last month. Lake Oswego and West Linn continue to report the highest median home selling price at $597,800.
Here’s what median home sale prices looked like across Portland city proper:
West Portland: $504,300
North Portland: $411,500
NE Portland: $437,700
SE Portland: $376,000
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