Our local multiple listing service (RMLS) released their real estate market statistics for December covering the Portland metro area. Based on the latest data the market presently continues to be a sellers market overall with inventory at 1.6 months in December which is up slightly from the 1.3 months worth recorded last December 2016. The inventory level has now dropped the last 3 months from last September.
Comparing market activity to a year ago, pending & closed sales were even and down 10% respectively while active listings was up 7%. The median sale price of $380,000 in December was up 8.6% from the year prior but about even from the previous 3 months.
Within the tri-county area (Clackamas, Multnomah & Washington) home inventory is currently lowest in Beaverton/Aloha (Area 150) at only 0.7 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 $322,000 and the highest is $597,500 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 55 days in December which is 6 days more than was 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.