How’s The Market?
January Residential Highlights
The Portland area saw an uptick of new listings to begin the year this January.
There were 3,048 new listings, a 22.6% increase over January 2018 (2,486) and more than double the 1,255 new listings offered last month in December 2018. The prior January that had more listings was in 2011, when 3,128 were offered.
Pending sales, at 2,045, decreased 11.5% from January 2018 (2,311) but surged 27.9% ahead of the 1,599 offers that were accepted last month in December 2018.
Closed sales, at 1,451, ended 10.9% cooler than last year in January 2018 (1,628) and 21.4% cooler than last month in December 2018 (1,846).
Inventory rose to 3.3 months in January, with total market time rising to 76 days.
Average and Median Sale Prices
Comparing the average price of homes sold in the twelve months ending January 31st of this year ($452,200) with the average price of homes in the twelve months ending January 2018 ($430,000) shows an increase of 5.2%. In the same comparison, the median has increased 5.3% from $380,000 to $400,000.
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||91||$532,500||2.3%|
|NW Washington County||63||$572,500||1.8%|