The RMLS™ Market Action Report just came out. Link is here. The Portland-Metro stats for November 2014 continued to show steady growth in almost all sectors, with the exception of new listings, which were down 2.7% from the same period last year. Inventory remained stubbornly low (see chart below).
November 2014 Stats Compared to 2013
- Closed sales (1,937) were 6.4% higher than November 2013 closed sales (1,821);
- Pending sales, at 2,091, were 14.4% higher than November 2013 (1,827);
- New listings (1,922) were 2.7% lower than November 2013 (1,976);
- There are currently 6,131 active residential listings in the Portland metro area;
- Total market time increased to 69 days*;
- Inventory increased (slightly) to 3.2 months (see table below).
2014 Year-to-Date Stats (Jan. – Nov.) Compared to 2013 YTD
- 2014 New Listings (36,040) increased 4.5% over same period in 2013;
- 2014 Pending Sales (26,654) increased 3.8% over same period in 2013;
- Closed Sales (25,392) increased 2.1% over same period in 2013;
- The average sale price for Jan. – Nov. 2014 was $333,200, an increase of 7.2% over the Jan. – Nov. 2013 average, which was $310,800;
- The median sale price for Jan. – Nov. 2014 was $265,000, an increase of 7.5% over the Jan. – Nov. 2013 median, which was $285,000.
Inventory in Months**
2012 2013 2014
January 7.0 4.7 4.1
February 6.5 4.5 3.9
March 5.0 3.2 3.1
April 4.7 3.1 2.8
May 4.2 2.5 2.8
June 3.9 2.9 2.8
July 4.6 2.8 2.9
August 3.9 3.1 3.0
September 4.6 3.7 3.1
October 3.8 3.4 2.8
November 4.2 3.7 3.2
December 3.6 3.2
*According to the RMLS™: “Total Market Time is the number of days from when a property is listed to when an offer is accepted on that same property. If a property is re-listed within 31 days, Total Market Time continues to accrue; however, it does not include the time that it was off the market.”
**According to the RMLS™: “Inventory in Months is calculated by dividing the Active Residential Listings at the end of the month in question by the number of closed sales for that month. This includes proposed and under construction homes.”
