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September Market Snapshot

  |  Market Trends

The average home sale price for the Portland Metropolitan area dropped another 2.1% this September, decreasing to $495,668 from August’s $506,515.
The national market saw a drop as well, but only 0.9%. August’s national average dropped slightly to $368,100 from July’s average of $371,300. Our local markets continue to remain over $100,000 more than what we are seeing nationally. August’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 update each month.
The cyclical nature of the housing market means that as we go through fall and approach winter we’ll see a noticeable slow down of market activity from the booming summer months. That is why it’s no surprise that compared to August, September experienced an 8.0% drop in new listings, an 11.8% drop in homes sold, and a 9.4% drop in homes pending. What is important to take note of is that in the year over year comparison, September actually experienced an increase of new listings (4.9%), but a decrease in homes sold (2.4%) and homes pending (5.5%).
The shift of the market isn’t necessarily a bad thing. According to RisMedia, “seventy of the top 100 largest metropolitan areas see more starter homes on-market in October, November and December.” This means it’s time to start looking at houses first time homebuyers! RisMedia also notes that Oregon, alongside Colorado, California, and Arizona, see the most dramatic shift in favor of those purchasing their first home.
For our local market, home inventory continues to stay fairly low at 2.4 months, and is still lower than the national average of 3.1 months in August.
Southeast Portland had the most new listings this September (282), but the Milwaukie and Clackamas areas had the most homes sold at 192. Not surprising due to the large amount of new listings the Milwaukie and Clackamas areas had on the market in August.

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Lynae Forbes

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