Following is a report from our partners at The Urban Digest that takes a look at the previous six months of residential real estate activity in what we define as Close-In Portland (North, Northeast, Southeast and West Portland/Raleigh Hills - see map below). The interesting takeaway for me is the aggregate price increase for those combined areas.
Also, at the bottom of this post is May 2017's RMLS Market Action Report in a PDF available for download. Please remember, the Market Action Report covers a more expansive area than just Close-In Portland.
I've provided a few tips on Navigating Portland's Crazy Real Estate Market in a blog post last month. But there's a lot of information digest, so please don't hesitate to call me if you have any questions.
Market Overview: Close-In Portland
RMLS areas 141-Portland North, 142-Portland Northeast, 143-Portland Southeast, and 148-Portland West/Raleigh Hills enjoyed a healthy price increase of 10.44 percent when comparing December 19, 2016 through May 19, 2017 to the previous year's aggregate prices during that same timeframe. Likewise, the average Combined Days On Market (CDOM) - the average time it took for a home to sell - was a brisk 45 days for the period between December 19, 2016 and May 19, 2017.
Aggregate Sales Summary
During this timeframe, there were 6,532 homes listed for sale in RMLS in the Close-In Portland market area as defined by the criteria and map below. Of those listed in RMLS, 5,115 successfully closed escrow. This includes Attached, Co-Op, Condos, Detached and Townhouse property types.
Inventory for this area and period was 2.0 months, well below the six months figure considered to be a healthy market in equilibrium. (Below six months = Sellers Market. Above six months = Buyers Market.)
The Average Sales Price was $464,404 and the most expensive home during this period sold for $5,441,294.
Below the map of the RMLS areas, you'll find the underlying month-to-month figures that make up this summary.
Source: RMLS Market Trends Report
Date Range: December 19, 2016 to May 19, 2017
Areas: 141-Portland North, 142-Portland Northeast, 143-Portland Southeast, 148-Portland West/Raleigh Hills
Property Category: Residential
Property Type: Attached, CO-OP, Condo, Detached, Townhouse
Listed: Number of properties listed during this time period.
L-Volume: Total list price dollar volume for properties listed during this time period.
L-Average: Average list price for properties listed during time period.
Sold: Number of properties that sold during time period.
S-Volume: Total sale price dollar volume for properties sold during time period.
S-Average: Is the average sale price for properties sold during the selected time period.
% ⬆︎: Calculates the percentage increase in average sales price by comparing the average price for the time period selected with that same time period in the previous year.
CDOM: Average of Combined Days On Market (CDOM) for the group of listings. CDOM is the total number of days a property has been on the market, even if relisted, if the time off-market was less than 31 days. (Off-Market time not included.)
Note: "Unlisted Solds" are not included in this report.
RMLS Area Map
The following interactive graphs are a breakdown of the underlying month-to-month figures that make up the aggregate sales summary above. You can compare Close-In Portland trends with the overall Portland Metro Area trends by downloading the May 2017 RMLS Market Action Report below the graphs.
Number of Units Listed, Pending and Sold
Average Prices: Listed vs. Sold
% Price Increase Over Same Month Prior Year
Combined Days on Market (CDOM)
RMLS Market Action Report
May's Market Action Report is available in PDF, simply click the graphic or link to begin download. As I mentioned before, please remember, this report covers a more expansive area than just Close-In Portland.
If you have any questions about the market or your home's valuation, please feel free to call me at 503-730-0702.