Our multiple listing service just released the market information for 2018. Here are a few highlights.
The year to date median sale price was $400,000; a 5.3% increase over 2017. December's median sale price was $390,000, so that $400,00 clearly had some lift from earlier in the year.
While the year to date market time for a listing was 48 days, year to date market time for 2017 was 45 days, so not much of a difference.
2018 saw more new listings hit the market, and the number of closed sales decreased by 5.9%. Consistent with this, the inventory calculated in months was higher every month in 2018 than the corresponding months in 2017.
This means, buyers have more houses from which to choose. Houses are staying on the market a bit longer, perhaps giving buyers more than a millisecond to make a buying decision. Sellers have more competition, with more houses on the market.
Looking at the change in average sale price, there are some suburban areas seeing higher than average increase. Gresham/Troutdale saw an increase in the average sale price for 2018 of 7.7%. Oregon City/Canby increased at 7.1% in 2018, and Beaverton/Aloha increased at 8.6%. Oh, and West Linn/Lake Oswego, increased by 0.6%.
If you are thinking of making areal estate move, get in touch. I'd love to help.