The year end and December statistics have just been released by our multiple listing service. Boy are these numbers telling.
First a look at the December numbers:
At our current rate of sales, it will take 2.3 months to sell all the properties on the market. This is a decrease from November, and close to the lowest our inventory has been since we've been keeping track. Frustrated buyers, you are right, there isn't much out there.
Pending sales were down a bit from November, by 20.3% but were up 12.3% from December 2013. Closed sales also rose 25.6% from November 2013 , and 15.6% from December 2014.
Our market time got a tad longer, 76 days in December 2014 vs. 69 days in November 2014. December 2013 had a market time of 87 days. We expect a slowing in the market between Thanksgiving and New Year's, so this is no surprise.
The median year to date sales price for the year 2014 ended at $285,500 up 7.7% from the median year to date sales price in 2013 of $265,000.
Portland's real estate market typically picks up in January, and not the spring as many people believe. This is holding true for this year. Buyers are out in force. Many sellers intend to put their properties on the market, but are behind in the prep work necessary to put a home on the market.
Yes, lots of houses are selling right now. But yes, you still need to put a house in decent order, and I still need to get professional photos before we start marketing. So sellers, get that to-do list done, there are buyers out there waiting!
Call me if you want to jump in. 503-312-8038
See the full report here.