In the Portland metropolitan real estate market, conditions continue to favor sellers over buyers, even as more houses become available compared to this time last year. January 2015 found an increase in the number of new listings, active listings and pending listings for single-family homes, according to information from Portland Metro RMLS.
The 2762 new listings in January 2015 represented a 7 percent increase over January 2014. Active listings decreased 12 percent to 4996 over the same period. Pending listings had an even higher jump, with the 2294 pending listings in January 2015, indicating a 13 percent increase over January 2014. Closed sales of single-family homes also increased over the same period.
The Portland Metro RMLS reports that in January 2015, a total of 1477 single family homes were sold in the Portland Metro area. This represents a 6 percent increase over sales in January 2014.
Prices in the Portland metropolitan real estate market continued to climb during that year-long period. The median price of a single-family home in the Portland Metro area increased 6 percent between January 2014 and January 2015, to $280,000. Average home prices rose 4 percent during that period to $329,400. The dollar volume of sales during the year increased 6.5 percent. In total, $502,911,000 worth of homes were sold in January 2015.
Homes spend an average of 82 days on the market in the Portland Metro area, which is a decrease from January 2014. Generally high prices, limited availability, and quick sales of those homes that come up for sale make the Portland metro real estate market a favorable environment for sellers. First-time homebuyers and recent arrivals to the Portland metro area find themselves at a disadvantage in the current environment. Many turn to renting or to buying condominiums or town homes for their first residential purchase.
Urbane Realty Group provides expert real estate services to residential buyers and sellers in the Portland Metro area and surrounding communities. Contact us today for more information on Portland metro real estate and for professional assistance navigating this sometimes complex home market. For further information please contact Ted J. Williams at ted@urbanerealtygroup.com