The April 2014 RMLS Portland Metro Market Action Report just hit, and the numbers are encouraging. The Portland Metro housing market is “cookin’ with gas,” as my grandma used to chortle when she was on a roll.
So here’s our SkyBlue Portland Market Snapshot for April 2014, with all the numbers in easily digestible form–with a bit of tasty analysis on the side. Grandma would have liked that.
April in a Nutshell
Buyers are scooping up available homes at a record pace. And although sellers are pricing their homes at a premium and leaping to catch the wave, available inventory continues to drop, along with total market time. Both buyers and sellers are scrambling to get into the action before they are priced out of the market (buyer) or demand begins to wane (seller).
Pending sales are a bit of a conundrum. They may suggest a weakening in the market in future months, but that’s anyone’s guess at this point.
April 2014 compared to April 2013:
- New Listings: 0.2%
- Pending Sales: -4.0%
- Closed Sales: 0.8%
- Average Sale Price: $325,100
- Median Sale Price: $275,000
- Total Market Time: 77 days
First Trimester (T1) in a Nutshell
So far this year, 2014 is edging out 2013 by a hair. Closed sales are up 1.4%. New listings are up 1.1%. Home prices are up 10.0%. But pending sales are down 3.7%. Will the upward trend continue? That’s the million dollar question. (We bet YES.)
Closed Sales Are Up & Up
Portland Metro had the best April for closed sales in SEVEN YEARS. Since April 2007 to be exact, when closed sales hit 2,594. And even though the gain is only an increase of 0.8% over closed sales of 2,125 in April 2013, it’s still a welcome upward trend. And compared to March 2014, it’s a whopping 15.4% increase.
Pending Sales Are Down & Up
Pending sales decreased 4.0% compared to April 2013 and increased 11.5% compared to March 2014.
New Listings Are Up & Up
New listings increased 0.2% compared to April 2013 and 17.4% compared to March 2014.
Home Prices are Up and Up
For the first trimester of 2014, the average Portland Metro home price was $325,100. This is an increase of 10.7% over the first trimester of 2013 when the average home price was $293,600.
For the first trimester of 2014, the median Portland Metro home price was $275,000. This is an increase of 10.0% over the first trimester of 2013 when the median home price was $250,000.
Inventory Is Down
Inventory decreased (again!) to 2.8 months.
Total Market Time Is Down
Total market time decreased to 77 days.
There are currently 6,093 active residential listings in the Portland metro area.
Here’s a closer look at the April 2014 RMLS Portland Metro Market Action Report data:
Best Bets for Buyers & Sellers
Buyers: You snooze, you lose. Tour the market, know what you want in a home, get preapproved for a loan, and prepare (along with your broker) to pounce when the home and the price is right.
Your best bet is to work with your broker to set up a Market Alert, itemizing your home search criteria. You will be notified as soon as a new listing with your criteria hits the market. Your broker may also get news of listings before they actually hit the market, giving you a competitive edge.
If the home is priced to sell, it may get multiple offers. If you really want the home, make the best offer you can. Also, ask your broker what they think about giving the seller a very short window in which to accept or reject your offer. This puts the heat on. The seller can always counter with an extended time, if they wish.
Sellers: Don’t be greedy. The market is hot, but it’s not THAT hot. Along with your broker, do your research and a competitive market analysis. Be realistic about the competition and price your home accordingly. Don’t be tempted by the old “test-the-waters” strategy. Your best chance to sell your home is in the first two weeks it’s on the market. If you price too high, buyers will look elsewhere. If you price just right, you may get multiple offers, even above your asking price. Repair, clean, declutter, and stage your home, paying particular attention to curb appeal. Get professional photos and a virtual tour video. Hire a tech-savvy, marketing-savvy listing team that has an engaging, popular blog and associated social media accounts.
Give us a call today. We know the Portland real estate market, we’re top-notch listeners, negotiators, problem solvers, and marketing pros–and we’re here for YOU.
Tell Me More
- Calculated Risk: What’s Right with Housing?
- HouseHunt: Oregon Real Estate Market Conditions & Trends
- OPB: Portland Real Estate Loses A Little Steam, But Prices Still Rising
- Oregon Live: Buying a House in Portland in 2014: What to Expect in Real Estate
- Oregon Live: Millennials Aging Into Major Players in Real Estate Market
- Portland Business Journal: House Hunting in Portland? You’re hosed. Pretty much.
- RedFin Research: Fast Pace of Home Sales Indicates Spring Has Finally Arrived in Some Markets
- The Washington Post: Real Estate Matters | Hot Seller’s Market Brings Solicitations to Homeowners