January Residential Highlights
The Portland metro area saw plenty of pending sales and new listings this January. Pending sales, at 2,311, outpaced January 2017 (1,990) by 16.1% and December 2017 (1,757) by 31.5%. It was the strongest January for pending listings in the metro area since 2007, when 2,544 offers were accepted in January. New listings, at 2,486, outpaced January 2017 (2,212) by 12.4% and December 2017 (1,617) by 53.7%.
Closed sales, at 1,628, cooled 11.9% from the 1,847 closings recorded last year in January 2017 and 30.7% from the 2,350 closings recorded last month in December 2017. Inventory rose a bit in January, ending at 2.2 months. During the same period, total market time
increased by five days to end at 60 days. There were 3,518 active residential listings in the Portland metro area in January.
Average and Median Sale Prices
Comparing the average price of homes sold in the twelve months ending January 31st of this year ($430,100) with the average price of homes in the twelve months ending January 2017 ($399,600) shows an increase of 7.6%. In the same comparison, the median has increased 8.6% from $350,000 to $380,000.