Market Conditions Ending December 31, 2017
The Portland Metropolitan market conditions ending December 2017 shows the supply of real estate increased, the demand for housing decreased and the overall value of real estate is appreciating when comparing this year to last year (December 2017 vs December 2016).
Specifically, the current inventory in the Portland Metro area is at 1.6 months, which is an increase by 0.3 months when comparing last December 2016. From last month (November 2017) inventory is down .3 months. Further two years ago (ending December 2015) inventory was lower at 1.2 months. (Inventory is calculated by dividing the total active residential listing at the end of the month by the number of closed sales for that month).
The total current market time resides at 55 days. Last year, at this time, the total days on market finished at 49 days. This reflects a 11.7% increase. (Total market time is calculated by the number of days from when a property is listed to when an offer is accepted on the same property.)
The 12 month rolling average sales price currently reflects an average sales price of $428,700 which is an 8.2% increase (from $396,300) when comparing the rolling average sales price from last year.