January Housing Numbers

2016 started off better than 2015 ended in the Portland Metro real estate market. New listings jumped up over 60% from December, but were still almost 9% less than January of last year, indicating that inventory is still well below demand. Both average and median home prices dipped slightly compared to December (about 3%) but were up 7.9% and 10.7%, respectively, over 2015. Homes continue to sell quickly throughout the region – total time on the market dropped to an average of just 57 days (compared to 82 days this time last year). As the year progresses, we expect to see the market continue to move quickly and prices still rising.

Prices in North Portland continue their march upward; median prices jumped over $30,000 this month alone to $350,000, finally surpassing NE Portland. North Portland’s average price now tops out a $362,100. Total market time dropped for all four quadrants, after a small rise in December. North and SE Portland are down to only 4 weeks and NE portland is only slightly higher at 5.4 weeks.

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