In the Portland real estate market, conditions continue to favor sellers.

Portland metro saw cooler activity this November, both compared to last month and November 2015. Closed sales (2,434) ended 13.1% ahead of November 2015 despite a 6.0% decrease from last month in October 2016. This was the strongest November for closings in the area since 2005, when 2,623 closings were recorded for the month.

Pending sales (2,266) decreased 9.5% from November 2015 (2,504) and 20.2% from October 2016 (2,841). These pending sales still number higher than in November of prior years.

Similarly, new listings (2,080) fell 3.2% short of the 2,148 new listings offered last year in November 2015 and 29.0% short of the 2,929 new listings offered last month in October 2016.

Portland metro inventory decreased slightly in November to 1.8 months. During the same time, total market time gained a few days, landing at 45 days. There were 4,354 active residential listings in the region in November.

Prices continue to rise in the Portland metro area. Comparing 2016 to 2015 through November, the average sale price rose 11.7% from $353,400 to $394,800. In the same comparison, the median sale price rose 13.4% from $306,000 to $347,000.

Generally higher prices, limited availability, and quick sales of those homes that come up for sale make the Portland real estate market a favorable environment for sellers.

Contact me today for more information on Portland real estate and for professional assistance navigating this sometimes complex home market!