A Strong Close for Portland Home Sales in 2015
If you’re in the real estate industry and aren’t utilizing the power of an RMLS, or Regional Multiple Listing Service, you’re certainly behind the curve. Operating as a comprehensive searchable database for real estate facts and figures in the Portland Metropolitan area, Douglas, Coos, and Lane Counties in Oregon, it’s an invaluable tool for anyone in the industry.
Historically, November, December, and January are regarded as slower months in the real estate industry, as families and individuals place more of an emphasis on saving up for holiday spending instead of purchasing real estate. However, according to the RMLS’s latest Market Action Report, there was a twenty-one percent increase in December closings compared to December 2015.
That’s 2,710 closings total, and the largest amount of closings the region has ever seen since the RMLS’s inception in 1992. Pending sales in December 2015 were also significantly higher than December 2014.
This outpacing of closings points towards the trend of strong buyer demand, as the report also uncovered that inventory during the month of December dropped to 1.2 months. In plain terms, this means it would take only 1.2 months to sell off the current roster of homes on the market, which is the lowest number since 1999! Typically, a healthy inventory supply sits at three months.
This is great news for buyers, but also for sellers and real estate professionals alike! The average sales price in December 2014 sat at $331,600 – that average increased to $355,600 in November 2015, and astoundingly crawled up to $367,000 just a month later in December 2015.
The data provided in the Market Action Report suggests the real estate industry in the Portland metro area as a whole had an excellent year in comparison to 2014, with an increase in pending sales, closed sales, new listings, sale prices, and median price points.
“While brokers report that some buys were motivated to make a purchase in December because of fears of rising interesting rates, we believe the numbers also indicate that the residential market will continue to be very strong in 2016,” said Brian Allen, president and co-owner of Windermere Stellar.