Statistics are out, showing Portland area real estate activity for September.
At our current rate of sales, it will take 3.1 months to sell all the properties on the market. This is a slight increase form August (3 months), but a drop from last September's 3.7 months.
Pending sales were up 15.0% from September 2013, and fell 5.7% from August 2014. Closed sales rose 10.2% from September 2013, but are down 8.0% from August 2014.
Our market time got a tad shorter; 60 days in September 2014 vs. 63 days in August 2014. September 2013 had a market time of 72 days. .
The median year to date sales price is $281,000, up 9.8% from the median year to date sales price in September 2013 of $256,000.
So, prices continue to increase, we've had a slight increase in the number of houses on the market, but the pace of sales and number of active buyers make for a busy real estate industry. There is still a lot of cash in the market, making it harder for first time buyers, with low down payments, to compete.
We are seeing the predicted flurry in September and October as both buyers and sellers rush to finalize real estate transactions before the holidays. While our market slows over the holidays, plenty of real estate business is conducted, primarily by serious buyers and sellers looking to get it done.
Call me if you want to jump in. 503-312-8038
read the full Portland area report here
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