September Real Estate Market Numbers
- By Tim Pitts
- October 14, 2017
The market continues to cool down as we head into the fall and winter months. All the typical metrics we use to track the market are down slightly - new listings, pending sales, closed sales, and price. The length of time it takes for a home to sell (total market time) and inventory both increased, with inventory now at 2.3 months. This is the highest we’ve seen inventory in Portland in over two years; the last time inventory was over two months was February of 2015. Does this mean we’re seeing the beginning of a big change for the Portland market? Not necessarily. In a balanced market inventory is around 6 months (meaning it would take six months for all the homes currently on the market to sell), so even with these increases, Portland is still very much a sellers’ market with lots of competition for existing listings. Additionally, seasonal drop offs in the market are very common for this time of year. We expect to see activity and prices continue to ease off the highs of the spring and summer as we get closer to the holidays and the end of the year.
Within the City of Portland, prices continue to increase compared to last year (from 6% in North Portland to 8% in NE Portland), but have backed off the highs we saw over the summer. Again, the areas outside the urban core continue to see the most price appreciation: the highest price increases came in Mt. Hood (up 17.5%), Yamhill County (up 15.1%), Hillsboro/Forest Grove (up 12.1%), and Gresham/Troutdale (up 10.5%).