PORTLAND MARKET ACTION FEBRUARY 14, 2014

17 02 2014

Inventory is still going down and now folks are getting a little restless. Since I covered inventory last month, I thought I would dig a little deeper on supply and demand. The question I asked is “What would happen if we took all the listings which took over 200 days on the market to sell?” After all, two houses sold over 1000 days on the market and a bunch under that. Just as a $1M listing can skew average sales price, these sluggish listings can skew the “actual” days on the market.

Tickle Me Elmo Demand 1996

What I found out is what I thought, the numbers would increase. By eliminating the 121 pending sales and 69 closed sales which took 200 days or longer to sell, these are the results for the last 30 days as of February 16 (which adds 2 weeks to the results):

Pending sales
Total = 1853
Average Sales Price = $319,889
Days on the Market = 43

Closed Sales
Total = 1112
Average Sales Price = $327,508                                 Days on the Market = 53

Compare these numbers to the February RMLS Market Action

Average Sales Price = $10,308 or 3.25% more
Days on the Market = 44.33% more

That is what I thought might be the case after talking with my fellow brokers throughout the area. The average market time for a property really feels like 53 more than it does 96 and even that is a stretch for our emotions. It feels like Alec Baldwin in breathing down our necks…

glengarry

The bottom line for all you boomers out there looking to downsize, get your house on the market now. The spring is an unknown which could work against you. You have buyers now who want in your doors.  More inventory hitting the market at the same time, drives prices down.  The waiting place for them is really rough.

the_waiting_place

Compared to Last Year
Inventory down to 4.1 months.
Closed sales up 3.9%.
Pending sales up 6.3%
New listings up 5.9%.
Average Sales Price up 10.3%
Median Sales Price up 6.9%

Compared to Last Month
Closed sales down 21.7%
Pending sales up 36.6%
New listings up 93.8%
Average Sales Price up 2.8%
Median Sales Price down 0.9%

View The Full Report Here: Portland Market Action February 2014

Dustin Miller

Broker / Market Analyst

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