January 2016 real estate activity numbers are in for the Portland Metro Area. Listings are up. Barely.
The Portland metro area bounced back the tiniest bit in January 2016 from an abysmal 1.2 months of inventory in December up to 1.8 months of inventory by January. 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.
January brought 2,519 new listings to the market throughout the metro area, while 2,243 listings went pending and 1,859 listings sold. Incidentally, this was the strongest January for closed sales since at least 1992. Go Portland!
By the month’s end, there were just 3,305 active listings to choose among in the metro area. Total days on the market increased to 57 days, compared to 56 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 $355,700, compared to $333,400 in January of last year.
January 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 | 79 | 98 | 16 | 91 | 57 | $362,100 | 28 days |
| NE Portland | 176 | 212 | 45 | 218 | 161 | $356,900 | 38 days |
| SE Portland | 273 | 258 | 53 | 267 | 235 | $332,500 | 47 days |
| W Portland | 327 | 244 | 83 | 194 | 162 | $526,100 | 57 days |
*Source: RMLS Market Action Report (January 2016)
I provide regular updates on market statistics to show you what is happening locally. Interested in learning more about your part of town?