November Residential Highlights
The Portland metro area saw gains this November compared to last, despite seasonal cooling. Pending sales (2,504) had the strongest November since 2005, when there were 2,541 offers accepted for the month.
These pending sales rose 19.8% over the 2,091 offers accepted in November 2014, despite falling 16.4% short of the 2,996 offers accepted last month in October 2015. Closed sales (2,153) ended 11.2% ahead of November 2014 (1,937), but slipped 20.8% from October 2015 (2,717), but still represented the best November for closings since 2006, when there were 2,163 closings recorded for the month. New listings, at 2,148, ended 11.8% ahead of November 2014 (1,922) but 29.9% under the 3,063 new listings offered last month in October 2015.
Inventory in the Portland metro area increased in November to 2.0 months. During the same period, total market time increased to 52 days. There are currently a total of 4,252 active residential listings in the Portland metro area.
Year to Date Summary
Activity has been higher in 2015 than in 2014 across the board. Pending sales (32,783) are up 23.0%, closed sales (30,415) are up 19.8%, and new listings (39,180) are up 8.7% for the year thus far.
Average and Median Sale Prices
Prices continue to rise in 2015 compared to 2014. Comparing each year through November, the average sale price rose 6.1% from $333,200 to $353,400. In the same comparison, the median sale price rose 7.4% from $285,000 to $306,000.