The Portland real estate market has slowed a bit but is still much stronger than it was in 2012. The number of homes sold dropped 16.8% from October (2,189 sold) to November (1,821 sold) this year. That being said, it was the best November for closed sales since 2006!
Pending sales were down as well (-14% from October) and the number of new listings dropped (-22.1% from October). The good news here is that both of these figures were up when compared to November of 2012.
The number of active listings fell to 6,751 leaving us an inventory of approximately 3.7 months. As a reminder, the inventory number is calculated by taking the current number of homes on the market times the current rate of sales. Assuming no new homes come on the market, we would run out of inventory in 3.7 months.
Year to date the number of sold and closed homes has increased 15.4%, with a total of 24,872 homes sold through November of 2013.
The average sales price for the year stands at $310,800 which is 13.5% higher than the same time period in 2012! Almost all parts of the Portland-metro area have double-digit gains in average sales price. Here is a breakdown of some of them:
MLS AREA Price Change
N PDX + 15%
SE PDX + 16.2%
Gresham + 13.9%
Lake Oswego + 12.7%
Beaverton + 17.8%
Wilsonville + 11.3%
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