Portland Metro: November Real Estate Market Report
November Residential Highlights
The Portland metro area saw new listings make gains this November compared to November
2016. There were 2,416 new listings offered, a 16.2% increase from the 2,080 new listings offered last year in November 2016, but a 19.0% decrease compared to last month in October 2017 (2,981).
Pending sales (2,371) similarly increased 4.6% compared to November 2016, but fell 12.3%
short of the 2,705 offers accepted last month in October 2017.
Closed sales, at 2,387, fell 1.9% short of the 2,434 closings recorded in November 2016 and 6.9% short of the 2,565 closings recorded in October 2017. November saw inventory tighten slightly to 1.9 months, with total market time increasing to 51 days.
Year to Date Summary
Activity has been cooler so far in 2017 compared to 2016. New listings (39,103) are down 1.2%, closed sales (29,098) are down 3.0%, and pending sales (29,628) are down 6.2%.
Average and Median Sale Prices
Prices continue to rise in the Portland metro area. Comparing 2017 to 2016 through November, the average sale price rose 8.7% from $394,800 to $429,000. In the same comparison, the median sale price rose 9.5% from $347,000 to $379,900