Portland Market Update

2014 Residential Highlights

Big News: The average sales price through the end of 2013 ran all the way up to $310,600, up 12.9% from the same period in 2012, when the average was $275,000.  In the same comparison, the median price increased 12.8% from $235,000 in 2012 to $265,000 to end 2013 [Reporting period: January 15, 2014].

Year-to-Date Summary.  There were 27,065 accepted offers and 26,782 closed sales in 2013, up 12.7% from 24,010 pending sales and 14.3% from 23,438 closed sales in the same period in 2012.  The 35,858 new listings in 2013 represented an 11.0% increase from the 32,300 entered through the end of 2012.

 

Average and Median Sales Price

Inventory fell at the end of 2013 back down to 3.2 months, and total market time – the number of days from when a property is listed to when an offer is accepted – increased incrementally to 83 days the last month of the year.

 

Inventory in Months, Portland Metro Area

2007

2008

2009

2010

2011

2012

2013

January

6.2

12.9

19.2

12.6

11.3

7.0

4.7

February

5.2

10.4

16.6

12.9

10.9

6.5

4.5

March

3.8

9.1

12.0

7.8

7.1

5.0

3.2

April

4.4

10.3

11.0

7.3

7.2

4.7

3.1

May

4.5

9.2

10.2

7.0

6.8

4.2

2.5

June

5.0

9.5

8.2

7.3

6.0

3.9

2.9

July

5.7

10.0

7.3

10.8

7.0

4.6

2.8

August

6.2

9.9

7.8

11.0

6.2

3.9

3.1

September

8.6

10.4

7.6

10.5

6.7

4.6

3.7

October

8.4

11.1

6.5

10.7

6.8

3.8

3.4

November

8.3

15.0

7.1

10.2

6.2

4.2

3.7

December

8.5

14.1

7.7

7.9

5.3

3.6

3.2

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