Average home sale prices are down slightly by 1.7% in the Portland Metro area this November averaging at $467,762, down from $475,893 in October.
Nationally, the average sales price continues to decrease as well. For comparison, October’s national average was $354,900 (down slightly from September’s average of $364,100), which is over $100,000 less than what we are seeing in our markets. November’s national averages are not yet out, as the Hasson Company collects its own data to provide you with the most current and relevant market data each month.
Locally, market activity has continued to slow. Since October, new listings have gone down by 31.4%, the percentage of homes sold has gone down by 4.2%, and pending home sales have also gone down by 19.7%.
However, when comparing our local market year over year, the average sale price for the area has increased 12.4% and the number of homes sold has increased by 10.9%. But, as suspected, the number of new listings is down 3.6% and the number of homes pending is also down 9.5%.
Overall, home inventory has continued to decrease to 1.6 months (down from 1.9 in October), which is still less than the national average of 5.2 months in October. The data we see here is not unique. Those who invest in flipping homes are especially aware of these trends as the number of houses on the market has gone down, while home prices remain high. Realtor.com explains why flippers are deeming it too costly an investment with too little incentive to make it worth their time. Although they do believe this trend will change.
Southeast Portland took the lead, once again, with the most new listings and homes sold.