The Southwest Washington market has remained hot this fall. Let’s discuss.
There’s been a lot of talk about what’s happening now in our Portland and Southwest Washington real estate market, so let’s cut through the gossip and get straight to the facts with a quick update on what’s going on.
First of all, closed sales rose 4.6% year over year as of this September, and pending sales rose 8.7% over that same period, too. Though, while homes are still selling, they’re taking longer to do so, with the current average days on market now at 52 days.
Along with this, home values are also growing more slowly in recent months. The home appreciation rate only rose 1% since last November, leaving us with a current average sales price of $458,000 for the Portland metro area market.
Even more recently, in October things have ramped up even more, with the number of closings across Portland rising to the high single-digits year over year.
But what about the Southwest Washington market, in general?
Well, much like in Portland, the closed sales for SW Washington were up. Though, at an increase of 8%, the year-over-year growth for this statistic was nearly double for Southwest Washington compared to what was true of Portland alone. Home appreciation in SW Washington also rose, going up 3.1% year over year, and the average sales price went up too—now sitting at $404,000.
And, as was true of Portland specifically, our wider Southwest Washington market has gotten even hotter in October. Assuming things continue in this direction, we’re in for one of the strongest fourth-quarter markets we’ve seen in some time.
With all of this in mind, though, remember that real estate is micro-local. In other words, the statistics that apply to our general area may not be true for your specific location. So, if you’d like to learn more about what’s happening near you or if you have any other questions about real estate, feel free to give me a call or send me an email. I look forward to hearing from you soon.