Portland Real Estate continues to rebound

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The rebound in the residential real estate market continued in September, according to new data from the Regional Multiple Listing Service.

In the Portland area, 1,894 homes sold in September, a 19 percent increase from September last year. The average sale price climbed nearly 5 percent to $281,400. Median price increased 3 percent to $238,300.

The average home spent 102 days on the market, a 22 percent decrease.

The only negative data point: The number of new listings (2,451) declined 2 percent compared with last year and nearly 21 percent compared with August.

As expected the market took an expected seasonal dip from August, which is one of the strongest months for home sales due to mild weather and school vacations.

Closed sales declined 18 percent from last month, when 2,311 homes sold.

There is now a 4.6-month inventory of homes on the market, down from a 6.7-month inventory last year. That means if no additional homes were put up for sale it would take 4.6 months for every house to be sold. A six-month inventory is considered healthy or a balanced market.

Source:  Portland Business Journal