All real estate is local, and this monthly report is a resource for those buying or selling on the Portland metro’s west side. The data below is for the areas including but not limited to NW Portland, SW Portland, Beaverton, Bethany, Hillsboro, Tigard, and Lake Oswego, and includes all residential resale transactions (new construction not included).
With the slow slow slow holiday season in the rear-view mirror, February becomes a good month to begin to see what kind of real estate trends the new year will bring. By this time most of the closed transactions will be for houses that went into contract after the holidays (it is taking, on average, 42 days right now to bring a transaction from offer acceptance to close), which is historically a period where very few people want to buy or sell. Let’s see what February has brought us.
While closed sales are down about 5% year-over-year, it’s encouraging to see that the number of new listings in the month is higher than last February. These are houses that will show up as closed sales mostly in March or April.
Median home prices in the region rose to $570,000 in February, up 3.6% from January and a hefty 10.7% from the previous year. On average, buyers went 3.7% over the asking price to purchase.
61% of homes sold for over their asking price, which is up over last month and last year.
About 3/4 of buyers financed via conventional loans, which has been consistent with last month and last year. Despite what the perception may be, cash buyers are not dominating the market.
It will come as no shock to anyone participating in the real estate market that it continues to be a great time to sell a house and a challenging time to buy one. The slight uptick of listings and closings in February adds some optimism that inventory will increase in the spring months, but as we know the housing market has been particularly hard to predict these past couple of years. That most houses continue to sell for over their asking price- even as asking prices have increased substantially- also won’t surprise anyone who has been watching the market up close, whether as a buyer or seller.
Historically this is the time of year when listings begin to pick up, so all eyes will be on those active listing numbers. It’s unlikely that increased inventory will lead to any significant tamping down of prices- supply is still not going to meet demand- but buyers should at least see more options in front of them in the coming months.
I am a licensed real estate broker in the state of Oregon. All data is sourced from RMLS, and all analysis is mine and mine alone. Other opinions may vary. If you would like a free analysis of your specific area, please contact me at eli.cotham@eleetere.com or via the contact page.
