Portland Real Estate - How's the Market Feb 2019
Activity in Portland was mixed this February, but some gains were seen compared with last month. Closed sales, at 1,726, rose 19.0% ahead of the 1,451 closings recorded last month in January 2019, but fell 4.4% short of the 1,806 closings recorded last year in February 2018. Pending sales (2,208) fared similarly, ending 5.5% under the 2,337 offers accepted in February 2018 but rising 8.0% over the 2,045 pending sales from January 2019. New listings, at 2,444, fell 3.4% short of February 2018 (2,530) and 19.8% short of January 2019 (3,048).
This was the coolest February for new listings in the Portland metro area since 2014, when 2,354 were put on the market. Total market time decreased by one day in February to end at 75 days. During the same period, inventory decreased to 2.7 months. There were 4,579 active residential listings in the Portland metro area in February.
Comparing the average price of homes sold in the twelve months ending February 28th of this year ($452,100) with the average price of homes in the twelve months ending February 2018 ($432,200) shows an increase of 4.6%. In the same comparison, the median has increased 4.4% from $383,000 to $400,000."
Several westside cities showed an increase in pending sales for February. Beaverton was up 5.0%, Hillsborro up 7.6%, and Tualatin up 6.3%. These increases illustrate the leading edge of the spring selling season, and will translate into higher closed sales moving forward. While the number of homes for sale has increased over recent years, supply remains constained, which will keep prices rising at more sustainable (and historical) pace.
We can expect these current trends to continue into the summer: increasing but still muted supply, moderating price increases, a bit longer to sell, and interest rates holding near current levels. Homes in lower price ranges are experiencing strongest buyer interest, which will intensify moving forward.
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