How’s The Market?
September Residential Highlights
Cooler numbers came to the Portland metro area this September. New listings (3,606) fell 1.0% short of the 3,644 new listings offered last year in September 2017 and 14.4% short of the 4,214 new listings offered last month in August 2018.
There were 2,272 closings in September, a 14.6% decrease from September 2017 (2,660) and a 23.4% decrease from August 2018 when 2,967 closings were recorded.
Similarly, pending sales (2,471) decreased 9.5% from September 2017 (2,730) and 10.5% from August 2018 (2,760).
September saw inventory rise to 3.1 months, with total market time rising by five days to 45 days.
There were 7,082 active residential listings on the market in the Portland metro area in September.
Average and Median Sale Prices
Comparing 2018 to 2017 through September of each year, the average sale price rose 5.8% from $428,800 to $453,800. 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||61||$585,000||3.4%|
|NW Washington County||43||$525,000||3.8%|