Portland Real Estate Market – Numbers Tracking Update

This time of year in the Portland real estate market its typical to see a bit of a slump across the board; when it’s cold and rainy out folks just aren’t into the idea of shopping for a home. Adding to this, sellers know buyers are in short supply as well and even so, the buyers that would come through could have wet/muddy feet walking all over their floors they’re not quite as eager to be on the market during this time; so yes, it’s a bit on the slow side this time of year in most years.

This is exactly what we’re seeing in the daily tracking information for today. The total number of residential listings is flat from yesterday still pushing just barely over the 4,000 homes mark with 4,186 homes currently on the market with new home listings gently sliding off for the month. In the last two days new listing activity has been slightly up for the month, however helping to cause the numbers to slide was this last weekend which like past January weekends produced low new listing numbers.

Closings last week were almost a wash from the previous week running around 40 per day on average; just about exactly where they’ve been all month.

Bank owned listings and sales are hovering right around 5% of the total market right now with short sales slightly higher around 6-7% of the total market.

New construction listings started out strong this month with an average through mid-January around 10% of all new listings but has since dropped off to around 5%. Sales of new construction show a slight drop off in the graphs, however that’s also do to not all sold data being updated yet by agents (this usually lags a few days as often a home will sell and the listing agent won’t mark it sold in RMLS until a few days later slightly skewing the numbers). Take that last one with a grain of salt.

That’s about it, not a whole heck of a lot going on in terms of jumps or dips, but don’t let that fool you; it’s still a VERY hot market; we’re still seeing multiple offer situations and triggering of multiple offers as well; if it’s priced where it should be it’s only taking a few weeks to sell and overall we’re still somewhere around 3 months worth of inventory.

Here’s the latest graph in PDF format.

Your Realtor, Scott McDonald

Everything. Portland. Real Estate.

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