Those market stats

RMLS released the February numbers this week, and they look a bit mixed.   By mixed, I mean, busy, but not the craziest we've been.

I tend to put to most stock in looking back to the same month of the previous year,  as this helps normalize for seasonal slowing and surging.

So, when compared to February 2016, our pending sales are down 15%.  That is significant.  And closed sales are down 7.9%.  It's taking 45-60 days in escrow to get a sale closed, on average, so maybe some of that slowing can be attributed to the January snowpocalypse.

We're at 1.9 months of inventory in February. Meaning, at our current rate of sales, it would take us 1.9 months to sell everything currently on the market.  February 2016 was 1.8 months, a barely discernible difference.

In looking at the percentage change in the 12 month median sales price, compared with the previous 12 month period, we see a median sale price of $350,000 as compared to $310,000.  This early in the year, I prefer the rolling 12 month numbers as year to date calculations don't have  much meaning.

And lastly, our market time is a tad longer 62 days for sales closing in February 2017, as compared to 60 days on the market, for sales closing in February 2016.

Out in the market, it feels kind of like those numbers show.  We're still busy.  Buyers are out in force, and making aggressive offers.  But it doesn't feel crazy, for which I am thankful.  Perhaps we're all learning how to be in this kind of market.  Maybe listing agents have learned how best to communicate with regard to offer review timelines, and maybe buyers, and their agents are accustomed to offer deadlines, multiple offers and needing to offer highest and best offers?

Whatever the case, I welcome this feeling of sanity, while being busy.

See the full RMLS report.

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.