October 2013 RMLS Portland Market Action

11 10 2013

So, let’s start with commonalities today—Seasonal Changes.  Every year (except last year) in the past 6 years, new listings have gone down between September and October Market Action Reports.  Back away from the sharp objects…

No. No.The wording in the Market Action from RMLS is telling you this is the strongest September for new listings since 2010.  What they don’t understand is that lots of new listings rarely translate to being strong or weak.  If we had really low inventory then a flood of new listings might be considered “strong” or good news.  Many times this is simply a realtor cancelling a listing and bringing it back on as a different number for the same listing.

So, the rest of the report shows a little of the up and down we have been experiencing politically and financially in our country.  We are a fickle group as a whole, so the news might be swaying the market results more than anything from one year to the next.  (See the table below.)  Drops and gains year-to-year between September and October Reports are common in the past 6 years.

Month to Month Comparison for October 2013

The really good news is that prices are leveling off.  This shows some normality and balance which creates a comfortable experience for both buyers and sellers.  Everyone has the opportunity to take their own time when buying or selling.  That is comfort food for real estate brokers and mortgage brokers alike!

 

Compared to Last Year

Inventory up to 3.7 months.

Closed sales up 13.9%.

Pending sales up 7.8%

New listings up 19.3%.

Average Sales Price up 12.8%

Median Sales Price 15.4%

 

Compared to Last Month

Closed sales down 17.7%

Pending sales down 15.1 %

New listings down 14.5%

Average Sales Price down 1.4%

Median Sales Price down 0.7%

 

 

 

View The Full Report Here:  Portland Market Action October 2013

 

And, breathe deeply…it is a beautiful day!

A deep breath

 

Dustin Miller

Broker/Market Analyst

 

 

 

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