The Portland metro area saw plenty of pending sales and new listings in January. January 2018 pending sales (2,311) were 16.1% higher than January 2017 and 31.5% higher than December 2017. It was the strongest January for pending listings in the metro area since 2007.
There were 2,486 new listings in January, 12.4% higher than January 2017 and 52.7% higher than December 2017. Closed sales, at 1,628, were down 11.9% from last year in January 2017 and 30.7% from December 2017. Inventory rose slightly in January, ending at 2.2 months. Total market time increased by five days to end at 60 days. There were 3,518 active residential listings in the Portland metro area in January.
Comparing the average price of homes sold in the twelve months ending January 31st 2018 ($430,000) with the average price of homes in the twelve months ending January 2017 ($399,600) shows an increase of 7.6%. In the same comparison, the median has increased 8.6% from $350,00 to $380,000.