The RMLS Portland Metro Market Action Report September 2014 is out, and the numbers are mixed.
The Portland real estate market is steadily on the rebound when we compare numbers across key indicators Year-to-Year and September-to-September.
But when we compare numbers across key indicators September-to-August, that rebound appears to be slipping—at least in the short term.
However, Portland Metro experienced the strongest September for pending sales since 2006, which bodes well for October.
Let’s take a look at each of our three comparisons in more detail.
September-to-August in a Nutshell
The Portland real estate market faltered for the second month in a row in September. This interruption in the upward trend could actually be a positive, indicating a return to normalcy in the local market.
Sellers are wavering. New Listings decreased a whopping 13.4% compared to August.
Buyers are wavering somewhat as well. Pending Sales and Closed Sales decreased moderately (-5.7% and -8.0% respectively). Average Sale Price and Median Sale Price decreased slightly as well (-0.6% and -2.0% respectively).
Total Market Time decreased from 63 days to 60 days, a 5.0% decrease.
September 2014 compared to August 2014:
- New Listings: -13.4%
- Pending Sales: -5.7%
- Closed Sales: -8.0%
- Average Sale Price: -0.6%
- Median Sale Price: -2.0%
- Total Market Time: -5.0%
September-to-September in a Nutshell
All indicators are positive September-to-September for 2014.
September 2014 compared to September 2013:
- New Listings: 6.1%
- Pending Sales: 15.0%
- Closed Sales: 10.2%
- Average Sale Price: 6.6%
- Median Sale Price: 5.4%
- Total Market Time: -16.6%
Year-to-Date in a Nutshell
All indicators are positive for year-to-date 2014.
Year-to-Date 2014 compared to Year-to-Date 2013:
- New Listings: 4.2%
- Pending Sales: 1.7%
- Closed Sales: 0.5%
- Average Sale Price: 7.6%
- Median Sale Price: 7.5%
- Total Market Time: -16.1%
September Overall in a Nutshell
New Listings Are Up & Down
New Listings increased 6.1% compared to September 2013 and decreased 13.4% compared to August 2014.
Pending Sales Are Up & Down
Pending Sales increased 15.0% compared to September 2013 and decreased 5.7% compared to August 2014.
Closed Sales Are Up & Down
Closed Sales increased 10.2% compared to September 2013 and decreased 8.0% compared to August 2014.
Home Prices Are Up & Down
Average Sale Price increased 6.6% compared to September 2013 and decreased 0.6% compared to September 2014.
Median Sale Price increased 5.4% compared to September 2013 and decreased 2.0% compared to September 2014.
Total Market Time Is Down
Total Market Time decreased to 60 days in September, compared to 63 days in August.
Inventory Is Up
Inventory increased slightly in September to 3.1 months, compared to 3.0 months in August. Six months of inventory is considered a balanced market, with fewer months of inventory indicating a seller’s market.
Active Listings Are Up
There are currently 7,438 Active Residential Listings in the Portland Metro area, compared to 7,784 active listings in August.
September 2014 Data
Here’s a closer look at the September 2014 RMLS Portland Metro Market Action Report data:
Best Bets for Buyers & Sellers
Buyers: Homes that are priced right are still selling fast. Total inventory levels increased slightly, but new listings continued to decrease significantly.
It’s officially a seller’s market. To get the home of your dreams, know what you want and be prepared to leap when you find the home that meets your criteria.
Tour the market, scour our Home Search pages (by neighborhood, style, address, map, price, listing number, new listing, or custom criteria), get preapproved for a loan, and prepare (along with your broker) to pounce when the home and the price are right.
Your best bet is to set up a Market Alert, itemizing your home search criteria. You’ll be notified as soon as a new listing with your criteria hits the market.
Sellers: Even though it’s still a seller’s market, September numbers again indicate that the market may be self-correcting. Pending and closed sales are both down, as are average and median sale prices. This is no time to ignore the trends and ask for the moon. Savvy sellers (along with their listing brokers) should be prepared to negotiate.
Along with your listing broker, do the research and heed your competitive market analysis. Be realistic about your competition, and price your home to sell fast. Homes than languish on the market for over 60 days are often overlooked altogether.
Your best chance to sell your home for top dollar is in the first two weeks it’s on the market. PERIOD. If you price too high, brokers and buyers will move on to more realistic offerings. If you price just right, you may get multiple offers, even above your asking price.
Whether you are buying or selling, give us a call today at 971-804-4618. We know the Portland real estate market, we’re top-notch listeners, negotiators, problem solvers, and marketing pros–and we’re here for YOU.
More Portland Market Action Reports
- Portland Market Action Report August 2014
- Portland Market Action Report July 2014
- Portland Market Snapshot June 2014
- Portland Market Snapshot April 2014
- Portland Market Snapshot Q1 2014
Tell Me More
- Buying a House in Portland in 2014: What to Expect in Real Estate | Oregon Live Front Porch
- Case-Shiller: ‘Sustained slowdown’ in home-price gains across US, in Portland | Oregon Live: Front Porch
- Current Market Conditions and Trends in Oregon Cities | HouseHunt
- In desire for homeownership, Millennials not so different after all, study finds | Oregon Live: Front Porch
- Millennials Aging Into Major Players in Real Estate Market | Oregon Live: Front Porch
- Portland-area housing market closes unsteady summer with fewer sales, slower home-price gains | Oregon Live: Front Porch
- RMLS: Residential real estate activity cools off in August | Portland Business Journal
- What’s Right with Housing? | Calculated Risk