Portland Real Estate Market Moving Towards a More Normal Market?
Home buyers in the Portland Metro area have been asking “when is the craziness going to end!?” It’s too soon to say, but home buyers may be finding themselves in a much better position in the near future. Gone are the days of multiple offers? Not so fast. The market remains hot, but the most recent Portland Metro stats compiled by the RMLS shows things may be edging towards a more normal real estate market. The leafs changing colors in Autumn typically signals a slow down in real estate activity, but when you look deeper into the numbers you see there may be relief in sight for home buyers.
September homes sales in the Portland Metro area slowed down by 6% versus both September 2015 and compared to last month. An uptick in the number of new homes on the market versus last year September also indicates we may be moving from an ultra hot sellers market.
Overall Portland real estate figures indicate the market is still maintaining its status as one of the hottest markets in the US. The average days to sell a home in the Portland metro area only moved back 1 day to 35 days. A normal market is typically defined by one that sees homes sell in 60-80 days. Home prices over the last 12 months are also maintaining strong at a clip of 10.4% versus the prior 12 months. Below is a summary of the September 2016 Portland real estate stats and a link to the full report.
- The average Portland Metro home price is up 10.4% versus the previous 12 months
- Home inventory levels sit at 2.0 months at the pace of the current months sales
- Portland home sales are down 6.2% versus September 2015 and down 5.9% versus August 2016
- Year to date, closed sales are down 2.6% versus 2015, while new listings are up 1.7%