The Portland Metro Area seasonal real estate calendar runs Early Spring (March) to Mid Summer (July) and then takes a big break before a Fall Season (September to Thanksgiving). Does this seem compressed and weird? It is. The prices and number of listings and sales rises and falls with this calendar. It probably happens nationwide, it seems especially extreme in the Pacific Northwest, where our weather and activities really impact how we live season to season. No one wants to look at houses in January, when it’s 38° and dark. No one wants to look at houses in August when it’s 90° and sunny! So let’s take a look at 2019 so far, before we see how the Fall Season treats prices and availability.
Year to Date Summary Activity is a bit cooler so far in 2019 compared with 2018. New listings (30,458) are down 0.9%, pending sales (21,585) are down 1.1% and closed sales (19,902) are down 3.3%. Average and Median Sale Prices Comparing 2019 to 2018 through August, the average sale price has increased 1.0% from $454,500 to $458,900. In the same comparison, the median sale price has increased 2.2% from $401,000 to $410,000.
In years past, since prices started to steadily and quickly rise in February 2012, the rise in sales prices have been much higher. Generally, economists like to see about 3% appreciation, so the 1-2.2% rise seems low this year. The slow down in the rise in prices is accompanied by longer days on the market for listings. The graph on the right shows our seasonal ups and downs, but the year to year gains. 2019 might be a little lower in sales, but higher in price than 2018, so overall we are heading into a steadier market. I would rather have 1% gains for a few years than 10% followed by drops in value. How about you?
How are prices around the Metro Area? Take a look at the map, it might surprise you! Rural Clark County is keeping up and even surpassing the SW suburbs in Oregon, but Vancouver still is affordable compared to Portland. Milwaukie now has a higher median sales price than SE Portland! I only see prices rising in Milwaukie and Oregon City as both communities continue to invest in their down towns, parks, and small businesses.
The big take away in a market update is to remember that every house, every neighborhood, every buyer, is different. Contact me today to start making a plan for selling and/or buying a home in the Portland Metro Area! I service this entire area… even Yamhill County for cool people!