The news as we expected has come…just a little earlier than we might have thought. I was thinking more for the September numbers this year, though, in speaking with my colleagues, we all felt it coming. Rocking #1 on the Case Shiller Index for price (3 months back) Portland finally saw the cooling off period start last month. The bubble didn’t burst. It is like a 10-year-old boy slowly letting out the air and making that annoying squeaking sound as it screams between the thin latex layers.
Adjust. And adapt.
The average sales price of -1.7% and median sales price of -0.6% between July and August of this year is the concern for all who are still on the market today. I thought I might find more surprising data, but over the past 5 years our summer months have been very spotty on these month-to-month numbers. In July 2015 we went up 3.0% and 3.1% for the average and median and in July 2015 we went down -0.1% and -0.6%. It has been like this every summer since 2012 where one month is up and another is down during the summer. The significance to this summer is our double digit appreciation leading up to it and what these numbers may do this Fall and Winter to either keep it up or balance it out.
Compared to Last Year
- Inventory unchanged 1.9 months from 1.9.
- Closed sales down -3.1%.
- Pending sales down -0.7%
- New listings up 8.3%.
- Average Sales Price up 9.7%
- Median Sales Price up 11.5%
Compared to Last Month
- Inventory unchanged at 1.9 months from 1.9.
- Closed sales up 8.1%
- Pending sales down 0.7%
- New listings down -3.9%
- Average Sales Price down -1.7%
- Median Sales Price down -1.6%
The Full Report Here: portland-metro-market-action-august-2016