Portland Real Estate by the Numbers: December 2015

December 2015 real estate activity numbers are in for the Portland Metro Area. How are we doing?

Well, Portland, it seems we have reached a new low. Low inventory, that is. Housing inventory fell to just 1.2 months of inventory on the market. For context, we have not seen inventory this low since 1999 in the local market. 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.

December saw just 1,538 new listings come onto the market throughout the metro area, while 1,936 listings went pending and 2,710 listings sold. By the month’s end, there were just 3,381 active listings to choose among in the metro area. Total days on the market increased to 56 days, compared to 52 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.

December 2015 Residential Single Family Real Estate Data*:

	Active Listings	New Listings	Expired Listings	Pending Sales	Closed Sales	Average Sales Price	Total Market Time
N Portland	87	54	25	64	106	$375,600	42
NE Portland	212	159	58	171	228	$387,800	43
SE Portland	300	204	90	222	320	$369,200	37
W Portland	317	138	83	189	266	$490,400	58

*Source: RMLS Market Action Report (December 2015)

I look forward to providing regular updates to show you what is happening locally. Spoiler alert: the market will be hot. The weather, not so much.