Market Report: December 2017
We’re still analyzing December 2017 and year-end numbers. We’ve compiled and analyzed the data for your December 2017 Portland, Oregon Market Report. Data in the report is based on the most recent information in the Regional Multiple Listing Service. Questions? Reach out to our staff at the Portland branch, 503-379-0075.
The median price of homes continues to rise on a national level, a trend due in no small part to a tight market with low inventory. In the Portland area, the median sales price for homes at the end of December came in at $390,000, which includes both single-family detached homes and condos/townhomes. Compared to December 2016 this number is 4.4% higher, so n keeping with a seller’s market, home values are rising.
Portland is still very much a seller’s market, however, the average days on market appears to be rising. Average days on the market in Portland for December 2017 rose to 51, compared to 45 days in November 2017, and a low for the year in July 2017 with 33 days on the market. Weather can be a factor in the rise. At present, the Portland area has a very tight inventory, with the Beaverton/Aloha area only having enough inventory for 1.1 months, and the region averaging only enough inventory for 1.9 months. Because of the situation related to inventory, buyers are paying more than asking price on sale homes, and bidding wars are occurring – a full quarter of homes sold in December 2017 went for over their asking price!
U.S. foreclosure activity as of December 2017 was 0.05%. In December 2017, the Portland area came in at 0.02% – well below the national average. According to RealtyTrac, as of the end of December, 481 properties in Portland area were in some stage of foreclosure, with the number of total homes for sale at 1,214. These homes are discounted approximately 22% compared to their non-distressed counterparts, but finding a distressed property for investment is difficult. If you are looking to sell assets, conditions are prime for maximum return.
We specialize in the marketing and liquidation of REO assets, and we are ready for one or a list of yours. We have local experts on our team to move tasks through the process efficiently and on-time. Let’s talk today!