All the real estate numbers from RMLS Portland Market Action Report April 2015, plus our analysis.
The April 2015 RMLS Portland Metro Market Action Report is out, and the numbers are once again dramatically positive.
The real estate market in Portland Metro is off the charts for April. We’re on a roll and every indication suggests the momentum won’t slow anytime soon. Let’s take a look at the highlights.
Closed Sales (2,734) rose again in April. A whopping 27.6% increase over April 2014 closed sales (2,143) and 11.3% increase over March 2015 closed sales (2,457). This is Portland Metro’s strongest April since 2005, when 3,051 closings posted.
Pending Sales (3,613) hit a 9-year high in March. This is a dramatic 27.9% increase over April 2014 pending sales (2,825) and 6.8% increase over March 2015 (3,384) pending sales. The last March with higher pending sales (3,399) was in 2006. This is Portland Metro’s strongest April since 2005, when 3,950 pending sales posted.
New Listings (3,949) increased 8.8% over April 2014 new listings (3,629) and 9.8% over March 2015 new listings (3,596). This is Portland Metro’s strongest April since 2010, when 4,713 new listings posted.
Inventory decreased in April to 1.8 months.
Total Market Time decreased in April to 61 days.
Active Residential Listings increased in April to 4,853.
Average Home Price of homes sold over the past 12 months ($336,400), compared to homes sold over the previous same 12-month period ($325,100), increased 3.5%.
Median Home Price of homes sold over the past 12 months $290,000), compared to homes sold over the previous same 12-month ($275,000), increased 5.5%.
The Portland real estate market is on the rise once again when we compare numbers across key indicators for each of our standard comparisons: April-to-April, April-to-March, and Year-to-Year.
Let’s take a look at each of our three comparisons in more detail.
April-to-April in a Nutshell
All indicators are improved comparing April 2015 to April 2014.
April 2015 compared to April 2014:
- New Listings: 8.8%
- Pending Sales: 9%
- Closed Sales: 27.6%
- Average Sale Price: 4.5%
- Median Sale Price: 7.6%
- Total Market Time: -21.7%
April-to-March in a Nutshell
All indicators are improved comparing April 2015 to March 2015.
April 2015 compared to March 2015:
- New Listings: 9.8%
- Pending Sales: 6.8%
- Closed Sales: 3%
- Average Sale Price: 3.1%
- Median Sale Price: 3.9%
- Total Market Time: -18.7%
Year-to-Year in a Nutshell
All indicators are once again significantly improved comparing year-to-date 2015 to year-to-date 2014.
Year-to-Date 2015 compared to Year-to-Date 2014:
- New Listings: 13.0%
- Pending Sales: 28.0%
- Closed Sales: 20.0%
- Average Sale Price: 3.5%
- Median Sale Price: 5.5%
- Total Market Time: -17.0%
April Overall in a Nutshell
New Listings Are Up & Up (again)
New Listings increased 8.8% compared to April 2014 and 9.8% compared to March 2015.
Pending Sales Are Up & Up (again)
Pending Sales increased 27.9% compared to April 2014 and 6.8% compared to March 2015.
Closed Sales Are Up & Up (again)
Closed Sales increased 27.6% compared to April 2014 and 11.3% compared to March 2015.
Home Prices Are Up (again)
Average Sale Price increased 4.5% compared to April 2014 and 3.1% compared to March 2015.
Median Sale Price increased 7.6% compared to April 2014 and 3.9% compared to March 2015.
Total Market Time Is Down (again)
Total Market Time decreased to 61 days in April, compared to 75 days in March.
Total Inventory Is Down (again)
Inventory decreased in April to 1.8 months, compared to 1.9 months in March. (Six months of inventory is considered a balanced market, with fewer months of inventory indicating a seller’s market.)
Active Listings Are Up (again)
There are currently 4,853 Active Residential Listings in the Portland Metro area, compared to 4,767 active listings in March.
April 2015 Real Estate Data for Portland
Here’s a closer look at the April 2015 RMLS Portland Metro Market Action Report data:
Buyers: Homes that are priced right are selling fast, often with multiple, and sometimes even cash, offers. While New Listings continue to increase, Total Inventory and Total Market Time continue to decrease.Best Bets for Buyers & Sellers
It’s a seller’s market. To get the home of your dreams, know what you want and be prepared to leap when you find the home that meets your criteria.
Tour the market, scour our Home Search pages (by neighborhood, style, address, map, price, listing number, new listing, or custom criteria), get preapproved for a loan, and prepare (along with your broker) to pounce when the home and the price are right.
To stay on top of new listings, set up a Market Alert, itemizing your home search criteria. You’ll be notified as soon as a new listing with your criteria hits the market.
Sellers: Even though it’s a seller’s market, Average Sale Price and Median Sale Price are not yet skyrocketing. And according to a new analysis from Fitch Ratings, homes in the Portland market are already about 9 percent overvalued compared to levels Fitch considers sustainable.
Buyers are cautious, demand good value, and cross-shop homes rigorously to get the most for their money. In addition, appraisers are actively working to avoid another housing bubble. It’s the bank that sets the appraised value of your home.
Along with your listing broker, do the research and heed your competitive market analysis. Be realistic about your competition, and price your home to sell fast. Homes than languish on the market for over 60 days are often overlooked altogether.
Your best chance to sell your home for top dollar is in the first month it’s on the market. PERIOD.
If you price too high, brokers and buyers will move on to more realistic offerings. If you price just right, you may get multiple offers, even above your asking price.
Whether you are buying or selling, give us a call today at 971-804-4618. We know the Portland real estate market, we’re top-notch listeners, negotiators, problem solvers, and marketing pros–and we’re here for YOU.
More Portland Market Action Reports
- Portland Market Action Report March 2015
- Portland Market Action Report February 2015
- Portland Market Action Report August 2014
- Portland Market Action Report July 2014
- Portland Market Snapshot June 2014
- Portland Market Snapshot April 2014
- Portland Market Snapshot Q1 2014
Tell Me More
- ‘Fierce’ summer in store for Portland-area housing market | Front Porch
- Average 30-year mortgage rate rises to 3.8 percent | The Associated Press
- Fitch: Oregon, Portland home prices beginning to overheat | Front Porch
- Home prices climb in U.S., Portland | Oregon Live
- How ‘skinny streets’ could save Portland from a housing crisis | Front Porch
- Neighborhoods by the Numbers | Portland Monthly
- Portland Neighborhoods By The Numbers: Where to Buy in 2015 | Portland Monthly
- Portland-area home sales, prices climb in April | Oregon Live
- Where to Look for Real Estate Steals in the Portland Area | Portland Monthly
- Your Guide to Portland’s Crazy-Hot Real Estate Market | Portland Monthly