Our local multiple listing service (RMLS) released their real estate market statistics for January covering the Portland metro area. Based on the latest data the market continues to be a sellers market. Inventory remains in short supply with only 1.7 months worth. It is up from last month but down just slightly from last January 2016 when 1.8 months was recorded.
Comparing market activity to a year ago, pending sales were down 11% while closed sales were down 1% and active listings decreased by 3%. The median sale price of $350,000 in January was up 12.9% from the year prior. Overall, prices have been hovering around the $350,000 mark since last September.
Within the tri-county area (Clackamas, Multnomah & Washington) home inventory is currently lowest in Beaverton/Aloha (Area 150) at only 1.0 months and highest in Lake Oswego/West Linn (Area 147) at 2.9 months. The lowest median sale price is currently in Gresham/Troutdale (Area 144) at $280,000 and the highest is $500,000 in Lake Oswego/West Linn (Area 147).
Average days on market, the period of time from when a property goes on the market to when it goes sale pending, increased to 58 days in January which is only 1 day more than the 57 days recorded a year ago.
Click here to download a PDF document with a detailed graphical breakdown of the numbers for all MLS areas in the Portland metro area.