Home prices keep increasing, even as real estate market cools down
Regional Multiple Listing Service reports documents shortage of homes for sale, even though the rainy season traditionally means fewer buyers are looking
Portland area homes sales slowed in October, which is when the housing market traditionally cools down going into the rainy season.
Median sales prices continued increasing, however, reflecting the ongoing shortage of homes for sale, according to the most recent monthly report by the Regional Multiple Listing Service.
The new RMLS Market Action report says the median home price on the Portland area was $345,000 last month, an 11.5 percent increase from October 2015, when it was $305,000.
Much of the increase is because of the shortage of homes for sale. According to the report, there were 2,929 new listings last month, a 20.3 percent decline from September 2016 and a 4.4 percent fewer than a year ago.
"When you compare the numbers with last year at this time the surge-hot market definitely continues on a seasonality basis, says says Lennox Scott, chairman and CEO of John L. Scott Real Estate. Buyers are still out there, and with the lack of new inventory coming on the market we will likely see a repeat of last winter when too many buyers were competing for too few listings.
The report also says average market time increased six days to 41 days by the end of October, although both lower priced homes and new homes are selling quicker, according to area realtors.
"The lower price ranges are still experiencing multiple offers as buyers compete for new listings as they become available, says Jimi Couture, managing broker at John L. Scott Lake Oswego.
New construction listings are moving fast, says Brigitte Pascutoi, branch manager of John L. Scott Portland Sunset Corridor.
Although home prices are increasing they still vary throughout the Portland area, according to the RMLS report.
The highest median sales price in October was $525,000 in the Lake Oswego/West Linn area, followed by $486,600 in the North Washington County/Sauvie Island area, and $483,000 in West Portland.
The lowest median sales price in October was $229,000 in Central Vancouver, followed by $242,500 in Columbia County and $255,500 in the 5 Corners/Orchards area of Washington.