February Residential Highlights
February brought more strong activity across the board to the Portland metro area. Closed sales (1,813) cooled slightly (-2.5%) compared to January 2016 (1,859) but were still 10.0% ahead of the 1,648 closings posted in February 2015. It was the strongest February for closings in the area since 2007, when 1,899 were recorded for the month.
Pending sales (2,786) ended 9.9% ahead of February 2015 (2,534) and 24.2% ahead of January 2016 (2,243). Again, this was the strongest February for accepted offers since 2007, when 2,834 offers were accepted for the month.
New listings, at 2,896, rose 15.0% above January 2016 (2,519) and fared just slightly bettwr than February 2015 (2,884), rising 0.4%.
Inventory in the Portland metro area remained stable in February, sittng at 1.8 months. Total market time rose by three days in the same period, landing at 60 days. There are currently a total of 3,226 active residential listings in the Portland metro area.
Average and Median Sale Prices
Comparing the average price of homes in the twelve months ending February 29th of this year ($357,500) with the average price of homes sold in the twelve months ending February 2015 ($333,700) shows an increase of 7.1%. In the
same comparison, the median has increased 7.8% from $287,500 to $310,000.