Portland Metro Market Action 2017

13 01 2018

IMAG7581

Closed sales went down a tick under 1%, Decembers are pretty volatile over the past 5 years.  Last year we went down 29.5%, 2015 was up 25.9%, 2014 was up 15.6 and 2013 was down 2.1%.  This is a tough one to predict with weather and timing.

 

The new listings being down 33.1% is somewhat common and nothing to even lose sleep over, for now.  We always lose headway for December and pick up generally after the first of the year.  Pending sales follow the same trend.

Price is the big one!  December is the month to “figure” out the annual appreciation rate for the common man.  (The stat nerd calculates every month individually and posts different numbers).  The average sales price according to the Market Report is up only 5.6% and the median sales price is up near the expected 8.6%.  (Stat nerd came up with 2.8% for the average if you simply measure January’s price to December’s Price and 8.59% if you measure 2017’s low to high average sales price).  The Median Sales Price fared better January-December with 8.57% and high to low as 12.88%.   Which is really how it should be done.

  • Compared to Last Year
  • Inventory up to 1.6 months from 1.3.
  • Closed sales down 10.3%.
  • Pending sales even from the year prior.
  • New listings up 13.8%.
  • Average Sales Price up 5.6%
  • Median Sales Price up 8.6%

Compared to Last Month

  • Inventory down to 1.6 months from 1.9.
  • Closed sales down 1.6 %
  • Pending sales down 25.9%
  • New listings down 33.1%
  • Average Sales Price down 0.8%
  • Median Sales Price up 0.8%

Interested in a unique measure of a decade?  From the peak in 2007 to the low in 2011 (when we lost about 30% of our equity) to the high in 2017, Portland has gained 21.94% for the average sales price since 2007 and 31.67% for the median sales price!  So if you bought high in 2007, lost your shirt but not your house in 2011 and are looking to sell in Portland today…bankrupt

…on average, your home is worth about 20-30% more than it was then. That’s about 2-3% a year as we have done for the 3 decades before 2000 in Portland.

win big

 

Dustin Miller

Broker/Market Analyst

Realty Trust Group

 

                                   The Full Report Here:   Portland Metro Market Action December 2017

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