October ’21 Market Update

Hello neighbors. It’s time for our October market update, featuring the newly released RMLS stats from September, 2021. So the big news, I suppose, is that we have a little drop in average sales prices across the board in the Portland Metropolitan Area in September. Now, before you get too excited, this is a pretty common occurrence in Septembers past. So maybe that means though that we’re starting to become a normal market. I actually pulled a lot of stats to analyze, which I’ve been known to do. And we have had very slight decreases for the two months prior. So the cumulative effect is a decrease of over 4%. Again, this is like a normal market. And it appears that prices in 2021 peaked in June, which is normal. Now, looking at my favorite topic of inventory, we inched up again in September ever so slightly. And we’ve consistently been doing this with three more days of inventory each month since our lowest point in May. And we’re now on par with last September and at the highest point we’ve seen all year at 1.1 month, but this is anything but typical or normal. Over the past several years, I would say maybe under three months of inventory has been about what we’ve seen on average. And if we started approaching four to six months, we would swing into a buyer’s market. But I’m just not seeing that in our near future. Year to date, new listings are up 8.3%. Pending sales are up 9.9%. Closed sales are up 14.6%, and average sales prices are up 16.1% this year. And those figures are all a little lower this month so maybe we’re normalizing. But without that context, these figures are the poster child stats for a robust market. Here are average home prices for September and market times for Portland’s Westside and suburbs. So first of all, the Portland overall metropolitan area had an average sales price in September of 571,500 with 23 days on the market. Beaverton, Aloha came in at 509.8 with 15 days on the market. And that was the lowest market time in the entire Portland Metropolitan Area tied with Hillsboro/Forest Grove, which also had 15 days on the market. And their average sales price was 499,900. Tigard/Tualatin/Wilsonville/Sherwood comes in at 564,500 with 25 days on the market. West Portland at 684,300 with 48 days on market. Northwest Washington County probably held the steadiest month to month at 701,500 with 20 days on market. And then Lake Oswego, West Linn was up a bit, 975,700 with 27 days on market. If you have some specific questions, please reach out to me, and also, of course, if you’re thinking about selling. I’m Julie Williams, principal broker with Elite Real Estate. And my team and I would be happy to help and coach you through the entire process, because I want you to have the best home selling experience possible. And don’t forget, whether upsizing or downsizing, my service will move you.