How’s The Market?
November Residential Highlights
The Portland metro area saw new listings make gains this November compared to November 2016. There were 2,416 new listings offered, a 16.2% increase from the 2,080 new listings offered last year in November 2016, but a 19.0% decrease compared to last month in October 2017 (2,981).
Pending sales (2,371) similarly increased 4.6% compared to November 2016, but fell 12.3% short of the 2,705 offers accepted last month in October 2017.
Closed sales, at 2,387, fell 1.9% short of the 2,434 closings recorded in November 2016 and 6.9% short of the 2,565 closings recorded in October 2017.
November saw inventory tighten slightly to 1.9 months, with total market time increasing to 51 days.
Average and Median Sale Prices
Prices continue to rise in the Portland metro area. Comparing 2017 to 2016 through November, the average sale price rose 8.7% from $394,800 to $429,000. In the same comparison, the median sale price rose 9.5% from $347,000 to $379,900.
Year to Date Summary
Activity has been cooler so far in 2017 compared to 2016. New listings (39,103) are down 1.2%, closed sales (29,098) are down 3.0%, and pending sales (29,628) are down 6.2%.
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:
|Area||Days on Market||Average Sales Price||Appreciation|
|Lake Oswego/West Linn||85||$708,000||9.4%|
|NW Washington County||46||$501,200||8.4%|