December Housing Market Update
The latest market action report has just been posed from the Regional Multiple Listing Service. Read on to learn about November's market activity.
November Residential Highlights
Portland saw some cooler activity this November. New listings, at 2,310, fell 4.4% short of the 2,416 new listings offered last year in November 2017 and 25.5% short of the 3,100 new listings offered last month in October 2018.
Closed sales (2,144) fared similarly, cooling 10.2% from November 2017 (2,387) and 12.1% from October 2018 (2,440).
Pending sales (1,904) ended 19.7% under the 2,371 offers accepted last year in November 2017 and 23.3% under the 2,484 offers accepted last month in October 2018. The last November with fewer pending listings was in 2013, when 1,827 offers were accepted.
Total market time rose to 57 days in November, with inventory increasing slightly to 2.8 months.
Year to Date Summary
Activity so far in 2018 is mixed compared to 2017. New listings (39,974) are up 2.2%. Pending sales (28,290) and closed sales (27,786) are down 4.5% for the year so far.
Average and Median Sale Prices
Comparing 2018 to 2017 through November of each year, the average sale price rose 5.6% from $429,000 to $453,100. In the same comparison, the median sale price rose 5.3% from $379,900 to $400,000.