New listings are down from a year ago, but the pending and closed sales numbers are up 8.7% and 4.6% from a year ago. Normally we would say, based on the law of supply and demand, prices would go up; however, buyers aren’t desperate at this point—or so it seems. The good news is that prices are going down moderately compared to the past. The bad news is that sellers may have to do a little more to prepare for the coming real estate market or make concessions on price to make up for it.
In the past, we have generally dipped from the peak month of prices—June or July of each year—by about 5% for the average sales price and 4%-6.5% for the median sales price. This year has been much more moderate and typical to the pre-boom days of 2005. We dropped $14,300 and -3.09% from the peak in June 2019 for the average sales price. The median sales price is even more moderate dropping $10,000 and 2.46% from their peak in June 2019.
The last three fall markets we had for the average sales price actually went up between September and October and then down a little more the rest of the year. Back in 2016 was the last time we went up in December for the average sales price. The median sales price has alternated going up or down in November or October and then going down a tad or staying the same at the end of the year.
“Feels Like” real estate market conditions are partly sunny for some agents and partly cloudy for others. I have heard some agents talk about it slowing down, while the others don’t seem to be concerned with the market conditions because they are busy showing houses to buyers who are looking for just the right house. Buyers are out there covering larger search areas than before. They have very specific needs and are generally willing to find it in other neighborhoods if the original one they thought they liked doesn’t have what they want. Sellers have to put their best clothes on for these buyers coming to their homes. This dance has a lot of sellers on the wall looking for a date.
Get The Full Report Here: Portland Metro September 2019
Dustin Miller
Market Analyst
Windermere Realty Trust