Mixed Results in the Portland Metropolitan Housing Market
Reviewing real estate stats for the five months ended May 31, 2019, I note mixed results. Inventory of homes for sale at the end of the month was 2.1 months, definitely putting us in a Seller’s Market, while it started at 3.3 months in January 2019. However, the Portland area real estate market continues to contract while more homes went on the market in 2019, but there were less pending sales, closed sales and only slight overall increases in the average and median sale prices, but increased total market time for those homes that do sell. As would be sellers are aware prices have stalled or even decreased in their area, more sellers are thinking this is a good time to sell their home; however, less are selling and we are seeing an increase in expired and canceled homes on the market and starting to see some homes enter the rental market.
A snapshot of real estate stats for the Portland area is below:
|Five Months Ended||Increase|
|New Listings||17,506||18,257||751||More listings on the market|
|Pending Sales||13,360||13,011||(349)||Less pending sales|
|Closed Sales||11,492||10,986||(506)||Less closed sales|
|399,500||402,400||2,900||Ave Sale Price up <1%|
|Total Market Time||51||61||10||Total market time up 20%|
However, while the Average Sale Price for the first five months of 2019 compared to 2018 increased by 1%, in certain sub-markets, it is very different. For example, in the first five months of 2019 Yamhill County average sale price increased 8.3%, Beaverton/Aloha increased 7.5% and Oregon City/Canby increased 6.3%; while the Mt. Hood area decreased (0.7%), NW Washington County decreased (0.4%), NE Portland increased 0.7% and Lake Oswego/West Linn increased by 0.9%.