How’s The Market?
November Residential Highlights
Portland saw some cooler activity this November. New listings, at 2,310, fell 4.4% short of the 2,416 new listings offered last year in November 2017 and 25.5% short of the 3,100 new listings offered last month in October 2018.
Closed sales (2,144) fared similarly, cooling 10.2% from November 2017 (2,387) and 12.1% from October 2018 (2,440).
Pending sales (1,904) ended 19.7% under the 2,371 offers accepted last year in November 2017 and 23.3% under the 2,484 offers accepted last month in October 2018. The
last November with fewer pending listings was in 2013, when 1,827 offers were accepted.
Total market time rose to 57 days in November, with inventory increasing slightly to 2.8 months.
Average and Median Sale Prices
Comparing 2018 to 2017 through November of each year, the average sale price rose 5.6% from $429,000 to $453,100. In the same comparison, the median sale price rose 5.3% from $379,900 to $400,000.
Below is a table with data from the RMLS for specific areas. Note that Appreciation is based on a comparison of the rolling average sale price for the last 12 months with the 12 months prior. Days on Market is the number of days from when a property is listed to when an offer is accepted on that same property. If a property is re-listed within 31 days, DOM continues to accrue; however, it does not include the time that it was off the market:
|Area||Days on Market||Median Sales Price||Appreciation|
|Lake Oswego/West Linn||76||$581,000||1.4%|
|NW Washington County||51||$525,000||2.9%|