November 2013 Portland Market Action

14 11 2013

Breaking it Up and Down

Hey, it has been a good month for sales in Portland.  The pending sales from last month brought up the numbers of closed sales for this month.  However, everything seemed to be down month-to-month from September to October reports. What is that all aboout?

So how about getting the positive, iffy and negative from this report for the month (last year, of course, is all up and not very indicative of anything yet)…

plus

Positive: 

Inventory is down to 3.4 months heading into the late Fall and Winter.  Great news for those houses currently on the market— “Someone will have to buy you because you are practically the only choice.”

iffy

Iffy:

Pending sales are down.  This means closed sales will be most likely down next month which could be typically attributed to a “seasonal” change.  The new listings being down is also a hard read—it could be to up sales, but usually listings continue to pour in at a decent pace.  Market time crept up this past month by 4 days so that isn’t it.  More will be revealed next month as we ease into late Fall and early Winter.

negative

Negative:

Sales prices have been ticking down about 1% per month for the past 2 months.  With inventory low, this is unusual but not serious.  It may simply mean, the sellers out there are willing to sell a little lower to make a change quicker.  The effect is seasonal monthly, but on an annual basis it will begin to level off the national sales numbers we will be seeing in the next few months.  Right now we are at 10.4% and 11% for the average and median sales price change from last year.  That is pretty healthy for our area and any market we have seen in the past decade.

 

Compared to Last Year

Inventory down to 3.4 months.

Closed sales up 4.1%.

Pending sales down 4.2%

New listings up 5%.

Average Sales Price up 10.4%

Median Sales Price up 11%

 

Compared to Last Month

Closed sales up 1.4%

Pending sales down 2.4 %

New listings down 13.3%

Average Sales Price down 1%

Median Sales Price down 1.8%

 

View The Full Report Here:  RMLS November 2013 Market Action

 

Dustin Miller

Broker / Market Analyst

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