Market Action Report from RMLS for December 2016 Sales1/17/2017
Hello Potential Buyers and Sellers,
As the weather cooled, so did the Portland real estate market. But, don't be fooled! Portland may have closed fewer transactions in December, but our overall market is going strong.
Here's what the Regional Multiple Listing Service (RMLS) had to say:
The Portland metro area ended the year with cooler activity on the whole. Closed sales (2,621) ended 3.3% under the 2,710 closings posted last year in December 2015 despite a 7.7% increase compared to the 2,434 closings recorded last month in November 2016.
New listings, at 1,421, fell 7.6% short of the 1,538 new listings offered last year in December 2015 and 31.7% under the 2,080 new listings offered last month in November 2016.
Pending sales (1,757) decreased 9.2% from December 2015, when 1,936 offers were accepted; and 22.5% from November 2016, when 2,266 offers were accepted. Inventory decreased slightly in December, landing at 1.3 months. During the same time, total market time increased by four days, ending at 49 days.
There were 3,511 active residential listings in the region in December. Activity was cooler in 2016 than in 2015. Comparing all of 2016 to 2015, new listings (41,121) increased 0.7.
Closed sales (32,798) decreased 1.5% and pending sales (33,234) decreased 3.9%.
Comparing 2016 to 2015 through December, the average sale price rose 11.4% from $354,500 to $395,000. In the same comparison, the median sale price rose 12.7% from $308,000 to $347,000.