Portland Metro: October Real Estate Market Report
October Residential Highlights
The Portland metro area saw cooler numbers almost across the board this October.
New listings made the solitary gain—the 2,981 new listings offered outpaced
October 2016 by 1.8% despite a 18.2% decrease from last month in September 2017.
Closed sales, at 2,565, fell 0.9% short of the 2,589 closings recorded last year in October 2016 and 3.6% short of the 2,660 closings recorded in September 2017.
Pending sales (2,705) fared similarly, showing a 4.8% decrease from October 2016 (2,841) and a 0.9% decrease from last month in September 2017.
Inventory decreased slightly to 2.1 months in October, with total market time increasing to 44 days.
Year to Date Summary
Activity has been cooler so far in 2017 compared to 2016. New listings (36,614) are down 2.1%, closed sales (26,551) are down 3.0%, and pending sales (27,385) are down 7.1%.
Average and Median Sale Prices
Prices continue to rise in the Portland metro area. Comparing 2017 to 2016 through October, the average sale price rose 9.0% from $393,900 to $429,400. In the same comparison, the median sale price rose 10.1% from $345,000 to $379,900.