Portland Housing Market Update

The October market stats are out from RMLS, with no particular surprises.  What I see as seasonal slowing  is evident in lower pending sales; down 4.2% from September 2013, and down 2.4% when compared with October 2012.   Closed sales did increase a bit;  1.4% from  September 2013, and 4.1% over October 2012.

Our market time got a tad longer in October; 76 days vs. 72days for September 2013.  In the fall, we see houses that didn't sell in the busy time sitting on the market, pushing the days on market higher.

The median home price for the first nine months of this year up 14.0 over the same period in 2012 to $265,000..

And inventory; measured by how long, at the current rate of sales, it will take to sell all the houses on the market, has decreased slightly from 3.7 months in September  2013 to 3.4 months in October 2013.   Remember, a balanced market; neither seller's nor buyer's market, is thought to be about 5 to 6 months of inventory.

I do believe  the government shut down in October slowed our market a bit.  The processing of some loans was hampered, and certainly folks who were furloughed weren't buying.

Call or email me if you have questions about your own real estate situation.  leslievjones@gmail.com  503-312-8038.

Read the full report for the Portland area.