January Real Estate Market Numbers
- By Tim Pitts
- February 21, 2018
After the uneven numbers we saw in December, the market in January had a nice rebound. Both New Listings and Pending Sales were up substantially from December. This was the strongest January we’ve seen for pending listings in over 10 years - marking a good start to the year. January’s closed sales were lower than both last year and last month, but that was to be expected due to the very low pending sales we saw in December. Total time on the market and inventory both increased last month, indicating that the balance between homes for sale and buyers shopping is starting to tip ever so slightly away from the seller’s market we’ve seen in recent years. Inventory was 2.2 months, indicating it will take just over two months to sell all the homes currently on the market. 6 months of inventory is generally considered to be a balanced market, so it is still a seller’s market throughout the metro area.
In the inner Portland neighborhoods, home values continue to rise, but not quiet at the rate we saw this time last year. In January of last year home prices in inner Portland were increasing between 10% and 14% (depending on the neighborhood), while this year the increases we’re seeing are between 7% and 9%. Values are still increasing, just not to the extent we have seen in previous years. The largest increases are still coming outside the urban core with Mt. Hood, Columbia Co., and Yamhill Co., increasing the most at 16.2%, 12.4%, and 11.2% respectively.