February Residential Highlights
The Portland metro area saw an increase in real estate activity across the board this February. The 1,648 closed sales posted for the month outpaced last February’s 1,467 closings by 12.3% and last month’s 1,477 closings by 11.6%. This represented the best February for closed sales since 2007, when there were 1,899.
Similarly, pending sales (2,534) bested last February (1,848) by 37.1%, last month (2,294) by 10.5%, and was the best February for accepted offers since 2007 when there were 2,834.
New listings, at 2,884, represented an increase of 22.5% from February 2014 (2,354) and 4.4% from January 2015 (2,762). February 2015 had the highest number of new listings for the region since 2010, when there were 3,902, although 2011 had virtually the same amount of new listings, at 2,883 for the month.
There are currently 4,947 active residential listings for sale in the Portland metro area. Inventory decreased in February to 3.0 months, and total market time decreased by one day, currently sitting at 81 days.
Average and Median Sale Prices
Comparing the average price of homes over the last twelve months ($333,700) with the average price of homes sold in the twelve months ending February 2014 ($314,100) shows an increase of 6.2%. In the same comparison, the median has increased 6.7% from $269,500 to $287,600.