August 2019 – Market Update Time!
September 13, 2019, by Mark Wheeler
The RMLS Market Action for August 2019 just came out. This is a monthly look at local market statistics. Comparing 2019 to 2018 through August, the average sale price has increased 1.0% from $454,500 to $458,900. In the same comparison, the median sale price has increased 2.2% from $401,000 to $410,000.
These percentages are almost identical to last month’s July comparison of 2018 to 2019.
Compared to August 2018, closed sales & new listings are down a bit, & average days on the market are slightly longer. Our market is cooling a little bit, which is generally good news for buyers, although there is still a lack of affordable inventory. For example, in NE Portland in August 2019, the average sale price was $506,200. The average sale price in NE Portland in 2019 through August was $483,200.
As always, these are statistics that can be sliced & diced in many ways. There are micro markets in all parts of Portland, some where houses are less expensive, some where they are more expensive. I am just glad that the appreciation rates have settled down to a more reasonable level than they were, for example, in August 2018 at 6%, & August 2017 at about 10%.
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