According to the latest numbers, year-over-year closed sales have increased the past two months in our market.
What do the latest numbers say about our Portland Metro/Southwest Washington market?
It’s getting colder outside, but our Portland market has been seasonally hot lately. Although the number of overall closed sales in 2019 is down 1.9% year over year, for the last two months, we’ve seen them increase: September rose 4.6% and October rose 0.9%. Appreciation also rose 1.4% last October, which means home values are still rising, but they’re doing so a lot slower. The average sales price for October, meanwhile, was $459,000.
In Southwest Washington, things slowed down a little bit in October. The number of closed sales increased 3% year over year, but that’s a considerable drop from the 8% increase we saw in September.
Year over year, we’re about even as far as sales go, but Southwest Washington has done a little better than Oregon. Why did the number of closed sales increase over the last two months? Interest rates have been pushing buyers forward, but they’ve gone up lately, hence the slowdown.
Here are the top five hottest markets in both areas:
5. Hillsborough/Rock Creek
3. North Tabor/Hollywood
1. Oregon City/Happy Valley
In weather parlance, our area in general, is a balmy 67° to 75°.
As always, if you have any more questions about our market or you’re thinking of buying or selling a home soon, don’t hesitate to reach out to me. I’d love to help you.