February 2016 real estate activity numbers are in for the Portland Metro Area. We maintained 1.8 months of inventory, same as January 2016, and up slightly from the very low 1.2 months of inventory in December 2015. As a reminder, a well-balanced market contains about six months of inventory. The last time the Portland market had anything close to 6 months of inventory was back about February 2012.
February 2016 was an active month. There were 2,896 new listings to the market throughout the metro area, while 2,786 listings went pending and 1,813 listings sold. Incidentally, this was strongest February for accepted offers since 2007.
By the month’s end, there were just 3,226 active listings to choose among in the metro area. Total days on the market increased to 60 days, compared to 57 days last month. There are still a number of “hot” neighborhoods where listings sold in less than a week, if not in a matter of hours. We remain a strong seller’s market with plenty of willing buyers, and not enough inventory to satisfy need. For those who are paying attention, the average sales price for the metro area is up to $357,500, compared to $333,700 in February of last year.
February 2016 Residential Single Family Real Estate Data*:
|
Active Listings |
New Listings |
Expired Listings |
Pending Sales |
Closed Sales |
Average Sales Price |
Total Market Time |
|
| N Portland |
89 |
109 |
22 |
92 |
68 |
$361,800 |
41 days |
| NE Portland |
179 |
249 |
32 |
237 |
160 |
$369,300 |
44 days |
| SE Portland |
250 |
320 |
32 |
327 |
215 |
$331,300 |
47 days |
| W Portland |
313 |
278 |
55 |
249 |
165 |
$505,000 |
55 days |
*Source: RMLS Market Action Report (February 2016)
I provide regular updates on market statistics to show you what is happening locally. Interested in learning more about your part of town?