Portland Metro Area, OR February 2018 Reporting Period
Residential Review:
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Closings had a strong month this February in the Portland metro area. There were 1,806 closed sales, a 8.2% increase over February 2017 (1,669) and a 10.9% increase over January 2018 (1,628). New listings (2,530) saw gains in February as well, outpacing February 2017 (2,521) by 0.4% and January 2018 (2,486) by 1.8%.
Pending sales, at 2,337, fell 1.4% short of the 2,369 offers accepted last year in February 2017 but inched 1.1% ahead of the 2,311 offers accepted last month in January 2018.
Total market time increased by nine days in February, ending at 69 days. Inventory decreased slightly to 1.9 months in the same month. There were 3,441 active residential listings in the Portland metro area this February.
Average Median Sale Prices
Comparing the average price of homes sold in the twelve months ending February 28th of this year ($432,200) with the average price of homes in the twelve months ending February 2017 ($402,000) shows an increase of 7.5%. In the same comparison, the median has increased 9.4% from $350,000 to $383,000.
Inventory
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Interest Rates
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According to Freddie Mac, 30-year fixed rates rose from 4.15 percent to 4.40 percent. This rate remains well below the historical average of 8.90 percent.
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Tim Hardy, P.C. Principal Broker
Keller Williams Realty Professionals
9755 SW Barnes Rd, Ste 560, Portland, OR 97225
503-351-0158
503-546-9955
info@timhardyhomes.com
www.TimHardyHomes.com
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