The Portland housing market is definitely seeing a cooling-off period, which is a welcome relief for many people. Though it’s still a tough time to buy, it’s easier for many than it’s been in months past. Here are some of the key things we’re seeing in today’s market.
Overall Climate
2017 has been cooler compared to 2016. New listings are down 2.5%, closed sales are down 3.2%, and pending sales are down 2.7% over last year. On the whole, the market feels less frenzied this year, especially as we head into fall’s typical slowdown.
For those who have had a tough time getting a home they want in their price range, it may be a bit easier now. This is especially true for those who are selling their entry-level homes and are looking for something bigger.
Current Inventory
In real estate, we measure the market’s strength by taking the current total number of listings and dividing that number by the current rate of sales. In September of 2017, Portland had 2.3 months of inventory available. In other words, at current sales rates, all homes on the market would be sold in 2.3 months. This is more inventory than has been available in Portland since February of 2015, when the number was 2.1 months.
There are more homes to choose from now than there have been in quite some time. But if you’re looking for an entry-level home, times may still be tough. If you’re looking for a higher-end home, shopping will likely be a bit easier for you.
Average Days on Market
In welcome news for buyers, homes are sticking around a little bit longer than they have been. You might not face such stiff competition when you’re making offers on a house. In September, the total time on the market rose to 37 days, which is up three days from August. The average days on market for the whole year is at 43.
In North Portland, homes stayed on the market for an average of 36 days in September.
Average Sales Price
The average sales price in Portland in September was $426,700. The average sales price in September of last year was $392,200. It’s easy to see that prices are continuing to rise, though not quite at the pace they were before.
For North Portland, the average sales price this September was $374,900.
Price Changes
Speaking of price changes, curious about how prices have changed in Portland over the past few years? This heat map shows you exactly what’s changed for the entire city.
You can see that there have been drastic price changes in many parts of the city, even in the past year.
Here’s a closer look at North Portland’s neighborhoods. The first number is the one-year median price change, and the second number is the five-year median price change.
Arbor Lodge (9%, 60%)
Bridgeton (7%, 43%)
East Columbia (17%, 97%)
Hayden Island (8%, 93%)
Kenton (18%, 82%)
Overlook (20%, 79%)
Piedmont (10%, 71%)
Portsmouth (16%, 92%)
St. Johns (15%, 85%)
University (14%, 58%)
What the Future Holds
If you need any help buying or selling a home, give us a call! We’d love to help you navigate Portland’s market.