Friday, December 15, 2017

November Market Snapshot

As we head deeper into winter and the temperature drops, so does the average home sale price for the Portland Metropolitan area. November saw a decrease of 4.2%, dropping to $459,596 from October’s $479,630. Again, this is normal and expected as we head into the slower, colder months and we will likely see this trend continue through the New Year. The average sale price is also down 1.7%compared to last year.
Contrary to what we’re seeing, the national market actually saw an increase in average sales price. October’s national average was $400,200, up from September’s average of $381,100. November’s national averages are not yet out, as the Hasson Company collects its own data to provide you with the most current and relevant market update each month. 
The winter slow down also spreads to our market activity level. Compared to October, November saw a 20.9% drop in new listings, a 4.5% drop in homes sold, and a 10.2% drop in homes pending. Despite these drops, the Portland Metro area is actually performing fairly well compared to this time last year. The number of new listings and the number of homes pending are both up 17.1% and 6.2%, respectively. The number of homes sold is down, but only by 1%.  
Some are finding success with the slowing down of the market. RIS Mediareported that these “cool markets are bringing warm opportunities.” This quite literally means that the areas that experience a drop in temperature for the winter are providing investors with a lot of different options. This is definitely something to consider as the Portland Metro area gets colder.
Home inventory in our market drops even lower to 1.7 months; much lower than the national average of 4.9 months in October.
West Portland had a big month with the most new listings (92) and homes sold (83) last month.

*Data and content taken from The Local Arrow, the Hasson Blog, post from Dec. 12*