Recent Market Stats

RMLS released their numbers for January 2017 earlier this week.  As you might remember, January was a bit of a funny month, with all that winter weather.  We see some effect of the weather in the numbers.

But first, inventory remains quite low, at 1.7 months.  That means, at our current rate of sales, it would take 1.7 months to sell all the properties currently on the market. We started 2016 with 1.8 months, and 2015 with 3.4 months.

New listings in January were actually up from December (no surprise as many folks don't want to market their property during the holidays),  but were down 12.2% from January 2016.  Pending sales in January 2017 were 11.3% cooler than January 2016 - I think this is at least in part due to the winter weather and road conditions.  Similarly, closed sales were down ever so slightly from January 2016, also probably due to weather, as title companies and even county recording offices were closed a few days in January.

Looking at the percentage change of the 12 month median sale price, compared with the previous 12 months, we see a 12.9% increase from $309,900 to $350,000.

Market times were a bit longer in January, that darn weather again. Area wide, houses that sold in January, were on the market an average of 58 days.  But some of Portland's hotter areas saw shorter market times, with North Portland at 28 days, and Northeast and Southeast Portland at 49 and 50 days respectively.

Anecdotally, the market is quite busy.  We're right back in multiple offers, with selling prices well above list price.  If you're thinking of buying, get in touch so I can give you some tips on buying in a seller's market.  And if you're thinking of selling, I'd love to help you navigate the process.