RMLS Market Analysis
- By Tim Pitts
- November 19, 2019
The RMLS Numbers for October are out! Here's our take:
The median sale price in the Portland Metro Area held steady last month at $410,500; increasing slightly by just $500 over September and represented an increase of 3.9% over this time last year. This is typically the time of year when sales slow down and prices start to dip, but that’s not really happening so far this year. Prices rose slightly and closed sales increased by nearly 9% over last month. Earlier this year we saw prices level out compared to last year with some months seeing less than 1% increases or even a decrease in prices (January!). Conversely, the last two months have seen the largest price increases of the year over 2018. These price increases are being driven largely by a surge of buyers entering the market amid record low interest rates. Many buyers believe interest rates will increase soon, pressuring some to get into the market now to take advantage of lower rates.
What does this mean heading into the winter months? Well, inventory is likely to continue its decline and we’re expecting prices to follow suit, though this fall season has been unusual in that regard, so it’s far from a sure thing. New listings and closed sales will likely slow down as well as we head into the holiday season.