October 2018 Market Action Report
Portland Real Estate Statistics – October 2018
RMLS Market Action Report
Portland metro saw some mixed numbers this October, but new listings showed a gain compared with last year. At 3,100, new listings rose 4.0% above the 2,981 new listings offered last year in October 2017, despite ending 14.0% under the 3,606 new listings offered last month in September 2018. This was the strongest October for new listings in the area since 2010 when 3,119 were offered.
Closed sales (2,440) fell 4.9% short of October 2017 when 2,565 closings were recorded but improved 7.4% over last month in September 2018, when 2,272 closings were recorded.
Pending sales, at 2,484, fared similarly, decreasing 8.2% from October 2017 (2,705) but pushing 0.5% past the 2,471 offers accepted last month in September 2018.
Inventory decreased to 2.7 months in October, with total market time creeping up to 53 days. There were 6,550 active residential listings in the Portland metro area this October.
Year to Date Summary
Activity so far in 2018 is mixed compared to 2017. New listings (37,620) are up 2.7%. Pending sales (26,484) are down 3.3% and closed sales (25,551) are down 3.8% for the year so far.
Average and Median Sale Prices
Comparing 2018 to 2017 through October of each year, the average sale price rose 5.6% from $429,400 to $453,600. In the same comparison, the median sale price rose 5.3% from $379,900 to $400,000.