All the real estate numbers from RMLS Portland Metro Market Action Report September 2019–plus our buyer and seller tips on how to navigate the current market.
The September 2019 RMLS Portland Metro Market Action Report is out and available for download.
The Portland Metro real estate market has been cooling for many months now and home prices have plateaued. Despite an ongoing decrease in the Market Action Index (MAI), we’re still in a slight seller’s market.
Due to current market fluctuations, watch for changes in the MAI over the next several months. If the MAI continues its current downward trajectory and moves to a buyer’s market, home prices will likely fall. If the MAI reverses course and begins to climb, home prices will likely rise.
Year-to-Date Sales numbers comparing 2019 to 2018 are all slightly down. New Listings (3,470) are down 1.3%. Pending Sales (2,686) are down 0.1%. Closed Sales (2,377) are down 2.5%.
Total Inventory increased slightly to 2.8 months. Total Market Time rose by 4 days to 52 days.
Hottest Real Estate Market was Southeast Portland, with 2604 Closed Sales. Other hot spots for closed sales were West Portland (2186), Tigard/Wilsonville (2052), Beaverton/Aloha (1997), Milwaukie/Clackamas (1789), and Hillsboro/Forest Grove (1562)
September 2019 Market Highlights
New Listings (3,470) decreased 12.9% compared to September 2019 (2,896) and December (1,421) but decreased 12.2%
Pending Sales (2,369) decreased 15.0% compared to February 2016 (2,786) but increased 19.0% over January 2016 (1,990).
Closed Sales (1,669) decreased 7.9% compared to February 2016 (1,813) and 9.6% compared to January 2017 (1,847).
Average Sale Price of homes sold through February (404,200), compared to homes sold over the same period in 2016 ($359,700), increased 13.1%.
Median Sale Price of homes sold through February ($353,400), compared to homes sold over the same period in 2016 ($314,500), increased 11.9%.
Total Market Time rose to 62 days.
Portland Home Sales by Price Range September 2019
Best Bets for Buyers
For buyers, mortgage rates for 2019 are at near historic lows. And home inventory levels have improved significantly. No more bidding wars for the home of your dreams. In other words, it’s a great time to buy a home in Portland Metro.
To get the home of your dreams, know what you want and be prepared when you find that perfect home.
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) when the home and price are right.
To stay on top of new listings, set up a Market Alert (or have us set one up for you), itemizing your home search criteria. You’ll be notified as soon as a new listing with your criteria hits the market.
Best Bets for Sellers
The real estate market has shifted in Portland Metro. The days of seven buyers for every house and multiple above asking price offers is history. That said, homes priced to the market are selling, with average days on market currently at 93 days.
Today’s buyers are cautious, demand good value, and cross-shop homes rigorously to get the most for their money.
On the plus side, after you sell your house today, there is plenty of inventory to insure that you can find your next beautiful home.
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 93 days are often overlooked altogether.
Your best chance to sell your home for top dollar is in the first 93 days 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.
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.
Copyright 2019 Rachel Bradley, Principal Broker