Monthly Local Market Report

How’s The Market?

Below is an excerpt from the Regional Multiple Listing Service’s most recent “Market Action” report that comes out monthly and is e-mailed to all member Realtors. This is data specific to the Portland Metro Area market.

September Residential Highlights

Portland saw cooler activity across the board this September. New listings, at 3,644, fell 0.8% short of the 3,673 listings offered last year in September 2016 and 10.0% short of the 4,048 listings offered last month in August 2017.

Closed sales, at 2,660, ended 5.8% below the 2,823 closings recorded in September 2016 and 12.3% below the 3,034 closings recorded in August 2017.
Pending sales, at 2,730, similarly decreased 4.4% from September 2016 (2,857) and 11.1% from August 2017 (3,072).

Total market time in September rose three days to end at 37 days. Inventory creeped up to 2.3 months in the same period. There were 5,998 active residential listings in the Portland metro area this September.

Average and Median Sale Prices

Prices continue to rise in the Portland metro area. Comparing 2017 to 2016 through September, the average sale price rose 9.2% from $392,600 to $428,800. In the same comparison, the median sale price rose 10.1% from $345,000 to $379,900.

Year to Date Summary

Activity has been cooler so far in 2017 compared to 2016. New listings (33,560) are down 2.5%, closed sales (23,811) are down 3.2%, and pending sales (24,859) are down 7.2%.

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:

AreaDays on MarketAverage Sales PriceAppreciation
N Portland36$374,9007%
NE Portland34$447,1009.6%
SE Portland36$400,9008.7%
Oregon City/Canby33$416,9008.9%
Lake Oswego/West Linn54$678,2008.2%
W Portland46$572,1006.9%
NW Washington County38$501,2009.9%
Hillsboro/Forest Grove29$385,40012.1%
Mt. Hood76$329,90017.5%
Columbia Co.47$287,0009.6%
Yamhill Co.46$348,40015.1%

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