How’s The Market?
January Residential Highlights
The Portland metro area started the year with a little mixed activity this January. New listings (2,212) rose 55.7% from December (1,421) but fell 12.2% short of the 2,519 new listings offered last year in January 2016.
Similarly, pending sales (1,990) ended 13.3% stronger than last month in December (1,757) but were 11.3% cooler than last January (2,243).
Closed sales, at 1,847, fell just 0.6% short of the 1,859 closings recorded last year in January 2016 but ended 29.5% below the 2,621 closings recorded last month in December 2016.
Year to Date Summary
Total market time increased by nine days in January, ending at 58 days. During the same period, inventory rose slightly to 1.7 months. There were 3,214 active residential listings in the Portland metro area in January.
Average and Median Sale Prices
Comparing the average price of homes sold in the twelve months ending January 31st of this year ($398,400) with the average price of homes in the twelve months ending January 2016 ($355,600) shows an increase of 12.0%. In the same comparison, the median has increased 12.9% from $309,900 to $350,000.
Below is a table with data from the RMLS for specific areas. Note that Appreciation is based on a comparison of the rolling average sale price for the last 12 months with the 12 months prior. Days on Market is the number of days from when a property is listed to when an offer is accepted on that same property. If a property is re-listed within 31 days, DOM continues to accrue; however, it does not include the time that it was off the market:
|Area||Days on Market||Median Sales Price||Appreciation|
|Lake Oswego/West Linn||96||$500,000||16.2%|
|NW Washington County||47||$464,300||10.4%|