Do you feel that minor chill in the air? Things are cooling off. No need for a parka just yet, but maybe grab a cardigan. Anecdotally, my inbox was different this past month. I received many more price reduction flyers from colleagues throughout the metro area.
The September 2016 real estate activity numbers are in for the Portland Metro Area. Here is what is going on. Inventory has crept up to 2.0 months. Not a major move, but we have not seen that since November 2015. As a reminder, a well-balanced market contains about six months of inventory. The last time the Portland market had anything close to 6 months of inventory was back about February 2012.
September 2016 was definitely cooler than the previous month. There were 3,673 new listings to the market throughout the metro area, while 2,857 listings went pending and 2,823 listings sold.
By the month’s end, there were 5,614 active listings to choose among in the metro area. Total days on the market increased to 35 days. We remain a strong seller’s market with plenty of willing buyers, and not enough inventory to satisfy need. For those who are paying attention, the average sales price for the metro area is currently $392,600, compared to $352,500 in September of last year.
September 2016 Residential Single Family Real Estate Data*:
|
Active Listings |
New Listings |
Expired Listings |
Pending Sales |
Closed Sales |
Average Sales Price |
Total Market Time |
|
| N Portland |
184 |
159 |
21 |
114 |
111 |
$380,100 |
24 days |
| NE Portland |
394 |
344 |
80 |
252 |
249 |
$416,600 |
22 days |
| SE Portland |
570 |
456 |
127 |
336 |
309 |
$362,800 |
28 days |
| W Portland |
683 |
398 |
142 |
256 |
206 |
$552,600 |
40 days |
*Source: RMLS Market Action Report (September 2016)
I provide regular updates on market statistics to show you what is happening locally. Interested in learning more about your part of town?
