Statistics are out, showing Portland area real estate activity for October. We're still in that active, but kind of flat market in which we have been. Yes, the increase in closed sales reflects the predicted increase in activity in September, (once kids went back to school and folks got back to conducting real estate business).
At our current rate of sales, it will take 2.8 months to sell all the properties on the market. This is a slight decrease from September (3.1 months), and a drop from October 2013's 3.4 months. So yes, the market is still moving quickly, with not many properties to sell. Make note, 2.8 months of inventory has been, here and there our low. We haven't seen less in recent memory.
Pending sales were down a bit from September, by 2.8% but were up 16.7% from October 2013. Closed sales also rose 13.6% from October 2013, and 4.6% from September 2014.
Oddly, our market time got a tad longer, 65 days in October 2014 vs. 60 days in September 2014. October 2013 had a market time of 76 days. .
The median year to date sales price is $285,000 up 7.5% from the median year to date sales price in October 2013 of $265,000.
Typically, we see the market slow around Thanksgiving, until just after the first of the year. I'm not sure how much slowing we'll see this year as the market still feels pretty brisk. Our office, the NE Broadway branch of RE/MAX equity group, is on track to pass November 2013 in the dollar volume of sales, and in the number of transactions.
I have buyer clients in the market right now, and a listing (close in SE) hitting the market next week. Fall is the time serious buyers and sellers 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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