How’s The Market?
February Residential Highlights
February brought more mixed activity to the Portland metro area, but activity made some gains over last month. Pending sales (2,369) showed a 19.0% increase over the 1,990 offers accepted last month in January 2017, but a 15.0% decrease when compared to last year in February 2016.
Similarly, new listings (2,521) ended 12.9% under the 2,896 new listings offered last year in February 2016 but were 14.0% warmer compared to the 2,212 new listings offered last month in January 2017.
Closed sales, at 1,669 for the month, ended 7.9% below February 2016 (1,813) and 9.6% below closings recorded last month in January 2017 (1,847).
Year to Date Summary
Inventory edged slightly higher in February, ending at 1.9 months. Total market time rose to 62 days during the same period. There were 3,109 active residential listings in the Portland metro area this February.
Average and Median Sale Prices
Comparing the average price of homes sold in the twelve months ending February 28th of this year ($400,800) with the average price of homes in the twelve months ending January 2016 ($357,400) shows an increase of 12.1%. In the same comparison, the median has increased 12.9% from $310,000 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||87||$661,500||16.5%|
|NW Washington County||64||$528,500||10.6%|