Our local multiple listing service (RMLS) released their real estate market statistics for November covering the Portland metro area. Based on the latest data the market presently continues to be a sellers market overall with inventory at 1.9 months in November which is up slightly from the 1.8 months worth recorded last November 2016. The market for lower priced homes (under $350k) remains firm while the market for higher priced homes is softening as you go up in price.
Comparing market activity to a year ago, pending & closed sales were up 5% and down 2% respectively while active listings was up 6%. The median sale price of $377,000 in November was up 7.2% from the year prior but down from the previous 7 months.
Within the tri-county area (Clackamas, Multnomah & Washington) home inventory is currently lowest in Beaverton/Aloha (Area 150) at only 1.1 months and highest in Lake Oswego/West Linn (Area 147) at 3.5 months. The lowest median sale price is currently in Gresham/Troutdale (Area 144) at $334,500 and the highest is $585,300 in Lake Oswego/West Linn (Area 147).
Average days on market, the period of time from when a property goes on the market to when it goes sale pending, increased to 51 days in November which is 6 days more than was recorded a year ago.
Click here to download a PDF document with a detailed graphical breakdown of the numbers for all MLS areas in the Portland metro area.