Despite some usual seasonal cooling, the Portland-area housing market continued surging to November sales numbers not seen since before the 2008 financial crisis.
The 2,504 pending sales in the region were the most for a November since 2005 and reflected a 19.8 percent increase over November 2014, according to a monthly report from the Regional Multiple Listing Service. And the 2,153 closed sales were the most for a November since 2006. Both figures fell – by 16.4 percent for pending sales and 20.8 percent for closed sales – from the levels seen in October.
Inventory slightly increased, from 1.8 months to 2 months. The figure estimates the amount of time it would take for all current homes on the market to sell at the current pace.
“Although improving modestly, the Portland housing market remains remarkably tight with only two months of inventory currently available to sellers,” said Matthew Gardner, chief economist at Windermere Real Estate, in an email. “That’s still well below the 4 to 6 months we would normally see in a more balanced market.”
The average sale price in November was $353,400, a 6.1 percent year-over-year increase. The median sale price of $306,000 reflected a 7.4 percent annual increase.
“Both the average and median sales prices are above historic highs – unsurprising given the extremely tight market,” Gardner said. “I anticipate that we will continue to see demand outstrip supply over the winter months.”