The real estate market cooled across the Portland area in September in the beginning of a seasonal lull, but the month was strong compared with a year ago.
The multiple listing service reported 2,378 homes sold across the Portland area during the month, an increase of 10.2 percent compared with a year earlier but down from 2,586 in August.
Another 2,551 homes went under a sale contract — an increase of 15 percent from a year ago — in deals that will close in coming months. For pending sales, it was the strongest September since 2006.And despite the seasonal declines, brokers still see a strong market.
The market remains competitive, with demand for homes high and the supply for sale low.
It would take about 3.1 months to sell all 7,438 homes listed for sale. Less than six months of supply is considered a seller’s market, and the Portland area hasn’t topped five months since March 2012.
The median sale price fell 2 percent in September to $289,900, down from $295,900 in August. The decline is typical for the month, when fewer home sellers choose to list their homes.
“It tends to be a time for investors and first-time buyers,” said Jones. “Fewer families, who are a little more wedded to the school schedule.”
But it was still higher than the median price of $275,000 reported a year ago.
Homes also spent less time on the market in September. The average time from listing to closing was 60 days, nearly two weeks less than a year earlier.