All the real estate numbers from RMLS Portland Market Action Report February 2015, plus our analysis.
The February 2015 RMLS Portland Metro Market Action Report is out, and the numbers are dramatically positive.
The Portland real estate market is clearly on the rebound when we compare numbers across key indicators for each of the usual comparisons: February-to-January, February-to-February, and Year-to-Year.
- February 2015 was the best February for accepted offers since 2007, when there were 2,834 accepted offers.
- February 2015 was also the best February for closed sales since 2007, when there were 1,899 closed sales.
Let’s take a look at each of our three comparisons in more detail.
February-to-January in a Nutshell
We’re heading into the spring market and as expected, sellers and buyers are starting to jump into the action. All indicators, except Average Sale Price, are improved comparing February 2015 to January 2015.
February 2015 Compared to January 2015
- New Listings: 4.4%
- Pending Sales: 10.5%
- Closed Sales: 11.6%
- Average Sale Price:-0.4%
- Median Sale Price: 1.8%
- Total Market Time: -1.2%
February-to-February in a Nutshell
Major indicators are dramatically improved comparing February 2015 to February 2014. Interestingly, housing prices rose only moderately.
February 2015 Compared to February 2014
- New Listings: 22.5%
- Pending Sales: 37.1%
- Closed Sales: 12.3%
- Average Sale Price: 0.8%
- Median Sale Price: 2.2%
- Total Market Time: -18.9%
Year-to-Date 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: 14.5%
- Pending Sales: 23.8%
- Closed Sales: 8.6%
- Average Sale Price: 2.1%
- Median Sale Price: 3.7%
- Total Market Time: -16.6%
February Overall in a Nutshell
New Listings Are Up & Up
New Listings increased 22.5% compared to February 2014 and 4.4% compared to January 2015.
Pending Sales Are Up & Up
Pending Sales increased 37.1% compared to February 2014 and 10.5% compared to January 2014.
Closed Sales Are Up & Up
Closed Sales increased 12.3% compared to February 2014 and 11.6% compared to January 2014.
Home Prices Are Up, Down, Up & Up
Average Sale Price increased 0.8% compared to February 2014 and decreased 0.4% compared to January 2014.
Median Sale Price increased 2.2% compared to February 2014 and 1.8% compared to January 2014.
Total Market Time Is Down
Total Market Time decreased to 81 days in February, compared to 82 days in January.
Total Inventory Is Down
Inventory decreased in February to 3.0 months, compared to 3.4 months in January. (Six months of inventory is considered a balanced market, with fewer months of inventory indicating a seller’s market.)
Active Listings Are Down Slightly
There are currently 4,947 Active Residential Listings in the Portland Metro area, compared to 4,996 active listings in January.
February 2015 Real Estate Data for Portland
Here’s a closer look at the February 2015 RMLS Portland Metro Market Action Report data:
Best Bets for Buyers & Sellers
Buyers: Homes that are priced right are selling fast, often with multiple offers. While New Listings are up, Total Inventory and Total Market Time are both down.
It’s officially 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.
Your best bet is to 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 still a seller’s market, Average Sale Price and Median Sale Price are increasing only moderately. Buyers expect a good value and cross-shop homes rigorously to get the most for their money.
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 two weeks 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 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
- DataBank: Portland’s Tight Housing Market Gets Even Tighter | Portland Business Journal
- First-Time Buyers Battle Headwinds to Find Homes in Portland | OregonLive
- Inventory of For-Sale Houses Tightens; ‘It’s Pretty Nuts’ | OregonLive
- More Portland Homeowners Emerge from Underwater | OregonLive
- NAR Generational Survey: Millennials Lead All Buyers, Most Likely to Use Real Estate Agent | National Association of Realtors
- Pending Home Sales Rise in January to Highest Level in 18 Months | National Association of Realtors
- Portland’s Housing Market Continues Its Hot Streak | Portland Business Journal
- Portland’s Hottest Neighborhoods: Where to Buy Now (2014) | Portland Monthly
- Portland Neighborhoods by the Numbers (2014) | Portland Monthly