Well, the latest numbers for the entire Portland area for December and 2016 are in! This is particularly interesting because the numbers are through December 31st…therefore there are figures for December (best look at what’s happening “right now”) AND for the entire year.
Here’s a bonus piece of information (graphic) that just came out via Realtor.com indicating that land is now accounting for more of the value of a property than it used to across the United States. We don’t know what this will mean as yet, but it will likely affect how Appraisers valuate and may impact loans accordingly. Keep your eyes peeled for more information on this as the year progresses.
I usually give our Property Blotter Readers a glimpse at the whole Portland market and how Lake Oswego fits into it below. Here you go!
According to the RMLS Market Action Report for the Portland Metro Area:
- There were 1,421 New Listings in December 2016 which was down 7.6% from December of 2015’s 1,548, and also down 31.7% from November of 2016’s total of 2,080.
- At 2,621, December Closed Sales were also down 3.3% from December 2015’s 2,710, and UP 7.7% over the previous month/November 2016’s total of 2,434.
- December Pending Sales (accepted offers), at 1,757, fell 9.2% from December of 2015’s 1,936, and were also down 22.5% from the previous month/November 2016’s total of 2,266. (Typical: Holidays… Fewer people out making offers for awhile.)
- The Average Sale Price in December of $399,300 was up $31,700 from December 2015’s $367,600, and also up from November 2016’s $397,000.
- The Year-End (Year-To-Date/YTD) Average Sale Price for the Overall Portland Area was $395,000. That compares to 2015’s YTD Average Sale Price which was $354,500. and accounts for an 11.4% rise.
- The Inventory inventory situation is not much different from last year, which was at 1.2 months as of December 31st 2015…The lowest since 1999. ***2016 shows Inventory of 1.3 months with 3,511 Active Listings as of Dec 31st.
Average Sale Prices By Area YTD for 2016 were:
- North Portland: $380,600 (2015: $335,000)
- NE Portland: $418,000 (2015: $376,700)
- SE Portland: $364,600 (2015: $330,100)
- Gresham/Troutdale: $297,100 (2015: $263,000)
- Milwaukie/Clackamas: $376,500 (2015: $335,600)
- Oregon City/Canby: $366,400 (2015: $325,200)
- Lake Oswego/West Linn: $614,000 (2015: $541,800)
- W Portland: $563,400 (2015: $495,100)
- NW Washington County: $487,900 (2015: $442,700)
- Beaverton/Aloha: $331,900 (2015: $297,300)
- Tigard/Wilsonville: $404,200 (2015: $370,600)
- Hillsboro/Forest Grove: $335,100 (2015: $293,900)
The combined areas of Lake Oswego and West Linn for the month of December 2016 reported:
- 266 Active Listings (2015: 255)
- 68 New Listings (2015: 86)
- 77 Pending Sales (2015: 98)
- 111 Closed Sales (2015: 143)
- Average Sale Price for December of $607,100 (2015: $567,300)
- 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: 69 Days (2015: 81)