December Real Estate Market Numbers

December Real Estate Market Numbers

The market numbers from December were a bit of a mixed bag. During this typically slow time of year, we expect to see activity and prices drop slightly from one month to the next, making comparisons to this time last year is a better indication of the market. So, looking at December of 2016 we see new listings are up almost 14% - the strongest December in six years and a good sign for the coming year. Despite this, closed sales were still down over 10% even with the strong pending sales we saw in November. Other indicators like Sale Price and New Listings were also up over last year with the Median Sale Price back up to $380,000. Inventory is up slightly from last year, but lower than last month, also typical of this time of year. All this to say that the Portland Metro Area is still showing signs of a sellers’ market as we head into the new year, though not as frenzied as we saw during the peak Spring and Summer months. 

All activity in inner Portland has slowed this month, but prices continue their march upward with all four quadrants seeing increases; from 3.2% on the West side to 8.7% in Southeast. As we’ve seen all year, the largest price increases are outside the urban core. Again this month we see Mt. Hood (+18.0%), Columbia Co. (+11.8%), and Yamhill Co (+11.7%) with the highest appreciation, though their median home prices are still far below that of inner Portland at $296,300, $277,900, and $300,000 respectively.