Portland Home Value Decreased from 12 Months Ago – October 2018 Real Estate Market Report
October 2018 Portland housing market report is out. Most people know by now that the market is softening in Portland but what does this mean? For the first time since the upward trend in the Portland real estate market stated since the last recession, we had an actual decrease in value this past month. It could be a statistical abnormality from fluctuation from year to year but I think this may be somewhat of an importance because it may indicate what is coming. Interest rate increases are starting to chill our economic growth. Joreme H. Powell, the current Chair of the Federal Reserve believes that the U.S. economy is actually doing really well that we will be seeing more rate increases. Otherwise, there will be a big inflation.
Next year, our housing market growth level will be minimal compared to 2018. The most of the growth in the housing market had occurred by 2017. Now, the question is whether the prices will maintain as we go through the correctional period with high interest rates or will there be a dip in the value. Whatever the answer may be in the next few years, the October 2018 Portland housing market statistic is the first evidence of what is ahead. There will be many months in the year 2019 where the market statistic shows a lower housing value compared to 2018. Not that those numbers necessarily represent the actual decrease, but because the value will stay flat for the most part, the mere fluctuation of the sold value based on the particular month’s inventories could show housing values lower than 12 months ago.
October 2018 Portland Real Estate Market Statistics
Median sold price:
$415,500 for detached single family homes
$395,000 for attached & condos
Average days on the market:
35 days for detached SFH
63 days for attached & condos
Total Listings: 1172
Above numbers show that there was a decrease in the median value for detached single family homes in Portland. Detached single family homes are the most sought after home types here and has always enjoyed a strong demand in the Portland market since the upswing of the market. Condos and town homes show that its median sold value is really high for this month. However, these numbers are somewhat unreliable because it’s calculated based of total 171 sold units whereas for detached SFHs, the median was calculated from 634 sold units in October.