How’s The Market?
October Residential Highlights
Pending and closed sales saw gains this month in the Portland metro area, compared with October 2018. Pending sales (2,575) rose 3.7% over the 2,484 offers accepted in October 2018, falling 4.1% short of the 2,686 offers accepted last month in September 2019.
Closed sales (2,588) rose 6.1% from the 2,440 closings recorded last year in October 2018 and increased 8.9% compared with the 2,377 closings recorded last month in September 2019.
New listings, at 3,064, decreased 1.2% from October 2018 (3,100) and 11.7% from September 2019 (3,470).
Inventory decreased slightly to 2.4 months this October, while total market time rose by two days to land at 54 days.
Average and Median Sale Prices
Comparing 2019 to 2018 through October, the average sale price has increased 1.2% from $453,600 to $459,000. In the same comparison, the median sale price has increased 2.5% from $400,000 to $410,000.
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||92||$589,900||1.2%|
|NW Washington County||46||$520,000||-1.8%|