December Residential Highlights
The Portland metro area ended the year with an uptick in closed sales this December. The 2,710 closings surged 21.0% past the 2,239 closings posted in December 2014 and 25.9% past the 2,153 closings posted last month in November 2015. This was the strongest December for closings in the Portland metro area on the RMLS™ record, dating to 1992.
Pending sales (1,936) were 16.1% stronger than in December 2014 (1,667) but fell 22.7% from the 2,504 offers accepted last month in November 2015. New listings (1,538) fell two short (-0.1%) of those offered in December 2014 (1,540) and were 28.4% cooler than the 2,148 new listings offered last month in November 2015.
Inventory in the Portland metro area decreased in December to 1.2 months, the lowest inventory number since at least 1999. During the same period, total market time increased to 56 days. There are currently a total of 3,381 active residential listings in the Portland metro area.
Year to Date Summary
Activity across the board was higher in 2015 than in 2014. Pending sales (34,568) rose 22.5%, closed sales (33,307) rose 20.0%, and new listings (40,815) rose 8.4% for the year.
Average and Median Sale Prices
Prices were higher in 2015 compared to 2014. Comparing each year, the average sale price rose 6.5% from $333,000 to $354,500. In the same comparison, the median sale price rose 7.9% from $285,500 to $308,000.