For the third month in a row, the Portland-area housing market posted the kinds of numbers not seen in a decade.
The 2,996 pending sales last month reflected the region’s strongest October since 2005, according to the latest numbers from the Regional Multiple Listing Service.
The current three-month streak – August and September also posted best-since-2005 totals for pending and closed sales, respectively – follows a July that saw an all-time record for closed sales and continues a year that has seen steeply climbing home values and extremely low vacancy rates.
There were 2,717 closed sales in October, the report shows, which is a 9.7 percent decrease from the previous month but still 9.2 percent ahead of October 2014.
Inventory decreased slightly from 1.9 months in September to 1.8 months – a significantly lower figure than the 2.8 months seen last October. The figure estimates the amount of time it would take for all current homes on the market to sell at the current pace.
Lennox Scott, chairman at John L. Scott Real Estate, predicted that the region will see a strong winter season, too. (Although winter is always slower than other times of the year.)
“The proof lies in the numbers. … Yes, home sales will be lower during the winter, but as evidenced by the steady increases over 2014, the market continues to be hot,” Scott said in a written statement. “The really big story is just ahead right after the first of the year. … Be prepared for another vigorous market next spring.”
The average sale price in October was $360,000, a 7.3 percent increase year-over-year. The median sale price was $309,000, according to the report, which is up 6.9 percent from the same time a year ago.
— Luke Hammill