All the real estate numbers from RMLS Portland Market Action Report December 2015, plus our analysis.
The Portland Market Action Report December 2015 is out, and the numbers are encouraging.
Comparing December 2015 to December 2014 and Year-to-Date 2015 to Year-to-Date 2014, the real estate market in Portland Metro continues its upward climb across almost all indicators in December. The exception is a slight decrease in New Listings in December 2015.
Closed Sales (2,710) increased 21.0% over December 2014 (2,239) and 25.9% compared to November 2015 (2,153). Year-to-date closed sales (33,307) are up 20.0%. This was the strongest December for closings in the Portland metro area on the RMLS™ record, dating to 1992.
Pending Sales (1,936) increased 16.1% over December 2014 (1,667). Year-to-date pending sales (34,568) increased 22.5%. However, pending sales decreased 22.7% compared to November 2015 (2,504).
New Listings (1,538) decreased 0.1% compared to December 2014 (1,540) and 28.4% compared to November 2015 (2,148). Year-to-date new listings (40,815) are up 8.4%.
Inventory decreased in December to 1.2 months, the lowest available inventory since tracking in 1999.
Total Market Time increased in December to 56 days.
Active Residential Listings decreased in December to 3,381, from 4,252 in November.
Average Home Price of homes sold over the past 12 months ($354,500), compared to homes sold over the previous same 12-month period ($333,000), increased 6.5%.
Median Home Price of homes sold over the past 12 months ($308,000), compared to homes sold over the previous same 12-month ($285,000), increased 7.9%.
The Portland real estate market continues its rise when we compare numbers across key indicators for two of our standard comparisons: December-to-December and Year-to-Year. In our third standard comparison, December-to-November, it falters on the New Listings and Pending Listings fronts..
Let’s take a look at each of our three comparisons in more detail.
December-to-December in a Nutshell
All indicators but one (New Listings) are improved comparing November 2015 to November 2014.
December 2015 compared to December 2014:
- New Listings: -0.1%
- Pending Sales: 16.1%
- Closed Sales: 21.0%
- Average Sale Price: 10.9%
- Median Sale Price: 3%
- Total Market Time: -26.3%
December-to-November in a Nutshell
New Listings, Pending Sales, and Total Market Time slipped, while Closed Sales, Average Sale Price, and Median Sale Price increased comparing December 2015 to November 2015.
December 2015 compared to November 2015:
- New Listings: -28.4%
- Pending Sales: -22.7%
- Closed Sales: 9%
- Average Sale Price: 4%
- Median Sale Price: 1.6%
- Total Market Time: 7.7%
Year-to-Year in a Nutshell
All indicators are significantly improved comparing year-to-date 2015 to year-to-date 2014.
Year-to-Date 2015 compared to Year-to-Date 2014:
- New Listings: 8.4%
- Pending Sales: 22.5%
- Closed Sales: 20.0%
- Average Sale Price: 6.5%
- Median Sale Price: 7.9%
- Total Market Time: -22.5%
November Overall in a Nutshell
New Listings Are Down & Down
New Listings decreased -0.1% compared to December 2014 and decreased -28.4% compared to November 2015.
Pending Sales Are Up & Down
Pending Sales increased 16.1% compared to December 2014 and decreased -22.7% compared to November 2015.
Closed Sales Are Up & Down
Closed Sales increased 21.0% compared to December 2014 and decreased -25.9% compared to November 2015.
Home Prices Are Up & Up
Average Sale Price increased 10.9% compared to December 2014 and 3.4% compared to November 2015.
Median Sale Price increased 10.3% compared to November 2014 and 1.6% compared to October 2015.
Total Market Time Is Up
Total Market Time increased to 56 days in December, compared to 52 days in November.
Total Inventory Is Down
Total Inventory decreased in December to 1.2 months, compared to 2.0 months in November. (Six months of inventory is considered a balanced market, with fewer months of inventory indicating a seller’s market.)
Active Listings Are Down
There are currently 3,381 Active Residential Listings in the Portland Metro area, compared to 4,252 active listings in November.
December 2015 Real Estate Data for Portland
Here’s a closer look at the Portland Market Action Report December 2015 data:
Buyers: Steady job growth combined with low but rising mortgage rates has created greater urgency to buy homes. The gains reflect a stronger economy but also the pressure to make a purchase before both home prices and cost of borrowing put homes out of reach for many buyers. The average and median sales price for Portland homes rose 10+% compared to December 2014. Now is definitely the time to buy, as prices are expected to continue the upward trend.Best Bets for Buyers & Sellers
Homes that are priced right are selling FASTER THAN FAST, often with multiple, and even cash, offers. While New Listings continue to increase comparing year-to-year, Total Inventory and Total Market Time continue to decrease.
It’s a seller’s market. To get the home of your dreams, know what you want and be prepared to LEAP and COMPETE 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 rising moderately. Plus, according to a recent 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 determined 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 November 2015
- Portland Market Action Report May 2015
- Portland Market Action Report April 2015
- 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
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- Neighborhoods by the Numbers | Portland Monthly
- Portland Housing Update. Are Things OK? | Oregon Office of Economic Analysis
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