Average home sale prices stayed fairly steady in the Portland Metropolitan area this December, with a slight decrease to $455,194 from $459,596 in November.
Nationally, the average sale price decreased. For comparison, November’s national average was $377,100 (down from October’s average of $394,700), which is still well over $150,000 less than what we are seeing in our markets. December’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.
Since November, local new listings have fallen by 33.6% and pending homes sales have fallen by 25.3%, and the percentage of homes sold is down slightly by 1.1%. These numbers help explain the decrease in inventory of homes in the Portland Metropolitan area.
When comparing our local market to December of last year, the average sale price continues to rise and is up 8.1%, while the number of homes pending is down 3.8%. The number of new listings is up 1% and the number of homes sold is down 2.6%. Locally, we are seeing the market begin to level out.
Home inventory continued to decrease to 1.5 months (down from 1.7 in November), which is still less than the national average of 4.6 months in November. SE Portland had the most new listings in December, and took the lead with the most homes sold.
Looking back on the year, the number of homes listed in 2017 is up 1%. However, 2017 sold 2.6% less homes and the number of homes that went pending in 2017 was also down 3.8%. The average sale price is up 8.1% at $469,826, compared to $434,731 in 2016.
Nationally, according to Lawrence Yun, NAR Chief Economist, we will see little change in 2018, “The strengthening economy, and expectation that more millennials will want to buy, serve as promising signs for solid home buying demand next year, while also putting additional pressure on inventory levels and affordability,” said Yun. “Sales do have room for growth in most areas, but nationally, overall activity could be slightly negative. Markets with high home prices and property taxes will likely feel some impact from the reduced tax benefits of owning a home.”