Portland Real Estate Market Update for January 2019
During the last five months of 2018, the Portland market experienced a downshift. The pace of price increases had steadily outpaced increases in income, interest rates moved higher, stock market volatiliy created unsettling headlines, and the US government shut down. Clearly, buyers responded last fall with a bit of caution.
Where's the Portland real estate market headed? Inventory levels have increased, offering buyers a wider selection. Days on market have risen, and sellers must account for the new dynamics by preparing and pricing accordingly. The jump in Jan '19 pendings sales over Dec '18 reveals the spring market may be stronger than expected, and interest rates are at their lowest level in 10 months.
The change from a 'white hot' to a more balanced market is well underway. At 2.5 months supply, it's still tilted toward sellers, but buyers have more sway now. Prices will continue to rise in 2019, though at a slower pace.
"The Portland area saw an uptick of new listings to begin the year this January. There were 3,048 new listings, a 22.6% increase over January 2018 (2,486) and more than double the 1,255 new listings offered last month in December 2018. The prior January that had more listings was in 2011, when 3,128 were offered.
Pending sales, at 2,045, decreased 11.5% from January 2018 (2,311) but surged 27.9% ahead of the 1,599 offers that were accepted last month in December 2018.
Closed sales, at 1,451, ended 10.9% cooler than last year in January 2018 (1,628) and 21.4% cooler than last month in December 2018 (1,846).
Inventory rose to 3.3 months in January, with total market time rising to 76 days."
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John Van Hogen - Principal Broker Oregon / Broker Washington
Keller Williams Realty Professionals
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