The Portland Metro Residential Market Action report is a monthly review provided by the RMLS, a database where real estate agents are required to post home listings for the region. Activity for February 2019 was reported as “mixed” as total number of closings increased by 19% from last month, but were 4.4% less compared to this same time last year.
Two important data points from the report that I’d like to point out are inventory levels and median home selling price. These metrics can help you decide the best time to buy or sell.
Inventory levels are a leading indicator of market strength. Inventory levels for February were reported at 2.7, meaning if no new homes came on the market, it would take 2.7 months until inventory sold out completely (at the current rate of sales). Many economists consider 6 as a “neutral” or “balanced” market, with anything lower than 6 being a seller’s market, and anything higher than 6 being a buyer’s market.
Median Home Selling Price
The median home price for February 2019 was reported at $399,900, a 3.9% increase from January. Lake Oswego and West Linn continue to report came the highest median home selling price at $555,000 in February.
Here’s what median home sale prices looked like across Portland city proper:
West Portland: $525,000
North Portland: $408,000
NE Portland: $425,000
SE Portland: $365,000
February 2019 Report Takeaways
The market will start to pick up for the next couple of months as we see an increase in inventory, active buyers, and total number of closed sales. As I mentioned in my previous blog, this is a typical seasonal shift as we enter the warmer months. Now is a great time to sell as more buyers enter the market and we don’t expect to see much appreciation for the foreseeable future. If you’re looking to buy, you can take advantage of low interest rates, steady prices, and seasonally higher inventory.
Please reach out to me if you’re interested in learning more about the Portland Metro real estate market. I can be reached anytime via email (firstname.lastname@example.org) or call/text (503-545-5094). You can also stay in touch by following us on Instagram and Facebook!
– Michael Green