Linda Rossi – January 18, 2019
~ Ultra Current Portland Real Estate News ~
Every January we get to take a look at how the numbers shook out for the prior year. The winter/holiday months always bring some cooling, and/but we also get to look at a full year-to-year comparison at this juncture.
OVERVIEW: Things have leveled-out a bit from 2017 to 2018 but homes are appreciating in value, inventory is high, and anecdotally, the general consensus is that Buyers are out in force and we are seeing lots of activity including some multiple offers for well-priced homes. Rates are also pretty good right now according to my Lending pals, and prices, while not going up quite as fast anymore, are generally still profitable for Sellers and a little more affordable for Buyers. Overall, when the market is more predictable, it is good for everyone!
According to the RMLS Market Action Report for the Portland Metro Area:
- There were 1,255 New Listings in December 2018 which was down 21.4% from December of 2017’s 1,617, and also down 45.7% from the previous month’s total 2,310.
- ***New Listings for the entire year were: 41,287, an increase of 1.2% over 2017.
- At 1,846, December Closed Sales cooled 21.4% from December 2017’s 2,350, and also 13.9 % from the previous month/Nov 2018’s total of 2,144. This is the coolest December for Closed Sales since 2013 when the total was 1,821.
- ***Closed Sales for the entire year were: 29,771, a decrease of 5.9% from 2017.
- December’s Pending Sales (accepted offers), at 1,599 are down 9.0% down from December of 2017’s 1,757, and 16.0% from the previous month/Nov 2018’s total of 1,904.
- ***Pending Sales for the entire year were: 29,809, a decrease of 4.9% from 2017.
- The Average Sale Price in December of $438,600 was up $16,900 from last year/December 2017’s $421,700, and down from the previous month/Nov 2018’s $448,900 by $10,300. ***I am going to start including Median Sale Price for 2019. The Median Sale Price (price smack dab in the middle) in December 2018 was: $390,000. which is up from $380,000 in Dec 2017.
- ***YTD Median Sale Price for the entire year was: $400,000, up 5.3% from 2017’s $379,900.
Neighborhoods: December’s Average Sale Price + 12-month Appreciation:
North Portland: $388,700 4.3% (Nov 412,500 / Dec ’17: 400,500 5.9%) YTD Median: $400,000
NE Portland: $450,600 4.0% (Nov 453,100 / Dec ’17: 430,000, 8.1%) YTD Median: $415,000
SE Portland: $425,900 5.9% (Nov 425,200 / Dec ’17: 382,200 8.7%) YTD Median: $375,000
Gresham/Troutdale: $338,500 7.7% (Nov 361,600 / Dec ’17: 329,600 10.4%) YTD Median: $340,000
Milwaukie/Clackamas: $427,500 4.6% (Nov 443,400 / Dec ’17: 411,500, 9.1%) YTD Median: $400,000
Oregon City/Canby: $428,600 7.1% (Nov 427,200 / Dec ’17: 402,100 7.2%) YTD Median: $392,500
Lake Oswego/West Linn: $636,300 0.6% (Nov 728,500 / Dec ’17: 662,700 9.5%) YTD Median: $580,000
West Portland: $588,800 3.8% (Nov 601,000 / Dec ’17: 612,700 3.2%) YTD Median: $519,000
NW Wash County: $483,400 2.5% (Nov 511,700 / Dec ’17: 534,400 7.7%) YTD Median: $520,000
Beaverton/Aloha: $381,600 8.6% (Nov 397,200 / Dec ’17: 363,200 9.2%) YTD Median: $375,000
Tigard/Wilsonville: $459,600 6.3% (Nov 482,000 / Dec ’17: 435,700 7.7%) YTD Median: $430,000
Hillsboro/Forest Grove: $382,100 5.9% (Nov 381,300 / Dec ’17: 366,800 11.0%) YTD Median: $372,000