November 2016 Market Action Report
Portland Real Estate Market Statistics – November 2016
“Portland metro saw cooler activity this November, both compared to last month and November 2015. Closed sales (2,434) ended 13.1% ahead of November 2015 despite a 6.0% decrease from last month in October 2016. This was the strongest November for closings in the area since 2005, when 2,623 closings were recorded for the month.
Pending sales (2,266) decreased 9.5% from November 2015 (2,504) and 20.2% from October 2016 (2,841). These pending sales still number higher than in November of prior years.
Similarly, new listings (2,080) fell 3.2% short of the 2,148 new listings offered last year in November 2015 and 29.0% short of the 2,929 new listings offered last month in October 2016.
Portland metro inventory decreased slightly in November to 1.8 months. During the same time, total market time gained a few days, landing at 45 days. There were 4,354 active residential listings in the region in November.
Year to Date Summary
Activity has been mixed in 2016 compared to 2015. New listings (39,590) are up 1.0%. Closed sales (29,985) are down 1.4% and pending sales (31,586) are down 3.7% for the year thus far.
Average and Median Sale Prices
Prices continue to rise in the Portland metro area. Comparing 2016 to 2015 through November, the average sale price rose 11.7% from $353,400 to $394,800. In the same comparison, the median sale price rose 13.4% from $306,000 to $347,000.”