September Residential Highlights
The Portland/Metro area saw some clouds roll in our real estate activity this September 2016.
Pending sales (2,857) fell 3.8% short of September of last year (2,971) and 14.1% short of the 3,325 offers accepted last month in August 2016. This is expected as the market tends to cool a bit right after the school season starts. The swing of the market does lend itself to a further cooling. It is still very strong seller’s market, but sellers are having to try a little harder for the sales, as we are seeing an increases of “fail sales.” You will begin to see this a little more with more frequent price reductions, if a home is a priced a little on the high side in the first place. Buyers are still making offers in high numbers on homes that are very competitively priced. Consequently, the total market time increased by only one day, climbing to 35 days.
Average And Median Sales Prices; Prices continue to rise in the Portland metro area. Comparing 2016 to 2015 through September, the average sale price rose 11.4% from $352,500 to $392,600. In the same comparison, the median sale price rose 13.1% from $305,000 to $345,000. Even though the prices have rose (The September numbers were coming off the HOT summer selling season) we are currently in the middle of a slight adjustment. Prices cannot continually increase in price by 11 % every month. It wouldn’t be long before no one could afford a home. I think we will see more modest increase in sales price and the buyers becoming more picky.
Please call, email, or text me if you would like to talk about selling your home and/or buying in todays market. I would love the opportunity to talk with you.
Months of inventory; What it means
A quick gauge of the health, and swing of the real estate market is done by looking at the months of inventory on the market. Six months of inventory is considered a healthy, balanced market.
0-5.5 months of inventory- Seller’s Market
6.5 months on up of inventory- Buyer’s Market
The very latest numbers sit us at 2.0 months of inventory. We are in a Seller’s Market. We have been in a sellers’ market for well over 3 full years. Our numbers are on the rise. I expect a higher number next month.
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Rachel Sheller, Principal Broker, Realtor, CRS, ABR, GRI, SRES, MASTERS CIRCLE
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Oregon First, Realtors, Direct 503.380.9634, Email- firstname.lastname@example.org
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