News & Notes ~ February 2016

I’m tellin ya… This market is hot! And there are some great homes out there.

Here are the latest/February numbers for the entire Portland area:

According to the RMLS Market Action Report for the Portland Metro Area, February, 2016:

  • There were 2,896 New Listings in February which was up 15% from January (2,519), and rose over February of 2015 (2,884) slightly, by 0.4%.
  • At 1,813, February Closed Sales fell 2.5% from January’s 1,859, and/but were up 10% from February of 2015’s 1,648.
  • February Pending Sales (Accepted Offers), at 2,786 were up 24.2% from January’s 2,243, and were 9.9% ahead of February of 2015’s 2,534 total.   ***This was the strongest February for Accepted Offers since 2007!
  • The Average Sale Price in February of $364,900 was up significantly from January’s $355,500, and also up almost $37,000 from February of 2015’s $328,000. (!!!)

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The combined areas of Lake Oswego and West Linn  (RMLS lumps them together) for the month of February 2016 reported:

    •  260 Active Listings  (Jan was 243)
    •  185 New Listings   (Jan was 150 )
    •  147 Pending Sales    (Jan was 120)
    •  99 Closed Sales   (Jan was 81)
    • Average Sale Price for February: $577,500 (Jan/$498,000. )
      • NOTE: Higher-Priced vs Lower-Priced Homes Sales can skew the “Average” in any given month.  Lake Oswego has quite a variety, so this tends to be a less meaningful stat, generally speaking, in this niche.
    • Average Time on the Market: 92 Days (Dec was 78)
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