December 2016 End of Year RMLS Market Action Compared to National Reporting

17 01 2017

2017

Well, let’s wrap it up with a summary of bullet points for 2016.  All in all, we are in a good position for the real estate market in 2017.  Whether we end up breaking more records or dropping to the middle of the pack like the many years prior, an increase of even small amounts is still an increase and; frankly, much healthier in the long run.  Portland, as well as the state, has always been under the radar for home prices hiding in the middle of the national numbers near center.  See where being in the top 3 has got us this year…

News:

  • Oregon is the 6th largest growing state according to U.S. Census Bureau—80% from out-of-state folks, 20% from new births exceeding deaths.

Pocket watch in snow, New Year 2017 greeting card

December 2016 S&P Corelogic Case-Shiller—numbers from October 2016

  • Portland at 10.3% average sales price appreciation, #2 in the Nation.
  • All 20 cities measured saw a month-to-month increase this year.
  • Nationally we are on a healthy plateau around 5.6% unlike we have seen in the past 20 years. We are neither rising quickly nor declining quickly.

Corelogic Equity Report Q3 2016

  • Oregon averaged $26K in equity gain since 2015.
  • Oregon average is 52.4% of loan-to-value of all homes mortgaged.

Corelogic Home Price Insights Report –numbers from October 2016

  • Connecticut was the only state which showed a negative for price appreciation year-over-year at -0.7%.
  • The National figure for year-over –year is 6.7% on average.
  • Oregon experienced 9.9% year-over-year appreciation (#2 between Washington and Colorado) and forecast next year to drop to 5.3%.

2017-roll-forward

RMLS Market Action End of Year 2016

Compared to Last Year

  • Inventory up to 1.3 months from 1.2.
  • Closed sales down -3.3%.
  • Pending sales down -9.2%
  • New listings down -7.6%.
  • Average Sales Price up 8.6%
  • Median Sales Price up 9.3%

Compared to Last Month

  • Inventory down to 1.3 months from 1.8.
  • Closed sales up 7.7%
  • Pending sales down -22.5%
  • New listings down -31.7%
  • Average Sales Price up 0.6%
  • Median Sales Price down -0.5%

RMLS Market Action December 2016: december-2016-market-action

hood-sunrise

Dustin Miller
Broker/Analyst

 

 

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