A glimpse of Portland's 2014 housing market

By now, we are a solid year into the housing recovery.  Looking back a year no longer has us looking down into the cavern that was the fall of the housing market.  This time last year, we were busy, slightly shell shocked from the previous five years and a tad bewildered at once again navigating a quick and competitive market.

Today, we are a year wiser. Buyers entering the market know they'll be challenged to get their offer accepted.  Brokers representing buyers are adept at counseling their clients in the strategies of competitive offers. Sellers are starting to understand the importance of a well presented property to realizing top dollar; it must be prepared for the market; in good repair,clean, attractive and well presented. It must be easily viewable, quickly.

With the recently released stats for January 2014 we see the start to the year with 4.1 months of inventory.  At our current rate of sales, it will take 4.1 months to sell all the properties on the market. 2013 started with 4.7 months of inventory.  hmm

As expected, January 2014 saw an increase in pending sales over December 2103; 36.6% higher, and up 6.3% over January 2013.   Correspondingly, January's slight dip in closed sales is a result of December's lower pending sales.

Our market time got a tad longer in January; 96 days vs. 87 days for December 2013.  January 2013's market time was 114 days.

Our median sales price of  $265,000 in January is up 6.9% from $248,000 in January of 2013.

Good houses are still in short supply, and potential buyers are out in force.  Contrary to popular belief, Winter, as in now, is the best time to put your house on the market.  By mid-June, we can start to see some summer slowing; school is out and vacations start.  Give me a call if you are planning to sell this year and we can map a plan.  Thinking of buying?  Better get started on that loan pre-approval.

Read the full report for the Portland Area.