January Residential Highlights
January brought some relief in the form of new listings to the Portland metro area. At 2,519, new listings increased 63.8% over the 1,538 new listings offered last month in December 2015, although 8.8% under the 2,762 new listings offered in January 2015. Pending sales, at 2,243, ended 2.2% under the 2,294 offers accepted in January 2015 but 15.9% over the 1,936 offers accepted last month in December 2015. Closed sales, at 1,859, ended 25.9% higher than in January 2015 (1,477) but 31.4% lower than last month in December 2015 (2,710). It was still the strongest January for closed sales since at least 1992— edging even over the 1,843 closings posted for Portland in January 2005. Inventory in the Portland metro area increased slightly in January to 1.8 months. Total market time rose by one day in the same period, landing at 57 days. There are currently a total of 3,305 active residential listings in the Portland metro area.
Average and Median Sale Prices
Comparing the average price of homes in the twelve months ending January 31st of this year ($355,700) with the average price of homes sold in the twelve months ending January 2015 ($333,400) shows an increase of 6.7%. In the same comparison, the median has increased 8.1% from $286,800 to $310,000.