First off, inventory dropped a bit from 3.1 months worth of inventory in September to just 2.8 months of inventory. This is a normal figure for this time of year with the last two years also dropping at the same time, from 3.7 to 3.4 in 2013 and from 4.6 to 3.8 in 2012.
The average sale priced dipped a bit as well from $338,100 in September to $335,600 in October both of which are still significantly higher than the same period last year where the average sales price in October was $314,100 which works out to a 6.8% increase overall since October 2013. We’re also up 7.4% from the beginning of 2014; albeit down 0.7% from September 2014.
In terms of the number of closings we are up over last year by 13.6% and since September 2014 up 4.6% with a total of 2,487 closed sales (remember, these numbers include Columbia and Yamhill counties as well, which for my own tracking I exclude from the “Portland Metro” market).
Moving onto the Winners and Losers sections, we have:
SE Portland with a 13.6% increase in sale prices over the same point in time last year.
Mt Hood is on the loser board with a still respectable 5.2%; however knowing this is a very small market, I’ll put West Portland up as the “true” (in my mind) loser in the overall Portland Metro real estate market for lowest percent increase in sale price of 5.8% which is still a respectable showing; so don’t let that get you down West Portland!
As for the areas with the highest and lowest average sale prices:
Lake Oswego and West Linn are at the top of the heap with an average sale price for October of $531, 400
Mt Hood is once again at the bottom here with an average sale price of $240,300, closely followed by what is again, in my mind, a true Portland Metro area, Gresham & Troutdale (also encompassing Fairview & Wood Village) with $243, 500.
That’s it for my take on the report as the numbers were again, somewhat expected; nothing “exciting” this time. If you’d like to check out the report in full for yourself you can download a copy of the PDF here or by clicking the Market Action graphic above.
Stay tuned though as my Market Action report for the October 2014 Portland real estate market is coming up next and my report, is BY MARKET for all 13 of the Portland Metro RMLS “Areas”.
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