Portland Real Estate Market Report- September 2017

The leaves are falling and just like that it’s fall in the Portland Metro Area. Typically the real estate market stays busy this time of year and then starts to slow down around the holidays. However based on the September real estate market numbers, this year it looks like the cooling has already started. Real Estate Market numbers across the board have been down this year compared to 2016. Has the Portland real estate market hit its peak? Only time will tell, however if these numbers continue into 2018 it could be a sign that booming real estate market is starting to loose traction.

The number of residential closings in the Portland metro area for September 2017 was not able to beat 2016 numbers, ending down 5.8%. The numbers of closings were down 12.3% from last month’s closing numbers.

Closings
September 17’ – 2,660
September 16’- 2,823
August 17’- 3,034

In the Portland Metro Real Estate Market pending sales were down 11.1% from last month and decreased from September 2016 by 4.4%.

Pendings
September 17’ – 2,730
September 16’- 2,857
August 17’- 3,072

Cooler activity is present in New Listings in the Portland Metro Area. Residential listings that came on the market in September were 10% less than last month. It also missed the market at new listings offered last year by 0.8%.

New Listings
September 17’ – 3,644
September 16’- 3,673
August 17’- 4,048

September 2017 Portland Housing Market By the Numbers
Residential inventory in the Portland real estate market increased from 2.0 months of inventory last month to 2.3 months in September. Total days on the market for a home in September rose 3 days from August ending at 37 days. In addition the number of listing on the real estate market in the Portland metro area ending at 5,998 that is slightly up from August that ended at 5,940. As talked about in our last blog post, Activity in the Portland real estate market is down across the board from last year, the latest numbers are as followed.

New listing: Down 2.5%
Pending: Down 7.2%
Closings: Down 3.2%

Even though we are seeing slowing in the Portland Metro area residential listings numbers. Prices are not seeing any signs of slowing from September 2016 to 2017. The median sale price rose 10.1% from $345,000 to $379,900. The Average sale price rose 9.2% from $392,600 to $428,800. However, it should be noted that the average sale price last month (August 2017) was $429,000, which is a decrease of the average home price of $200 from this month to last month.

Where are the most Active Listings in Portland for September 2017?
Neighborhood Total of Active Listings Total Market time:
North Portland                                                       238                           36 days
Northeast Portland                                              454                           34 days
Southeast Portland                                              630                           36 days
West Portland                                                        778                           46 days

Median Sales Prices for September 2017 for the Portland Metro are as listed below…
$568,8K- Lake Oswego/West Linn
$489k- West Portland
$405k- Tigard/Tualatin/Sherwood/Wilsonville
$403,5k- NE Portland
$399,8k- Oregon City/ Canby/ Molalla/ Beavercreek
$380k- Milwaukie/Gladstone
$369,9k- Hillsboro / Forest Grove
$366k- North Portland
$350k- Beaverton/Aloha
$346,5k- SE Portland
$325k- Gresham/Sandy/Troutdale/Fairview

Portland Metro Area Real Estate Market September 2017 Report Click Here
Vancouver & SW Washington Real Estate Market September 2017 Report Click Here

Real estate is always shifting and adjusting- The seasoned agents at Taylor Group Realty are aware of the market and are prepared for anything that could happen in the future. Contact us to get a FREE market analysis to see how much you can sell your home for in this market. Now is the time to List your house