January allows a review of last years market in the proverbial rear view window, and the latest Market action has no real surprises- which is good news. National reports, such as the Case Shiller, showed Portland with a loss of 7% last year while our local statistics show an average decline of 11.9%. Obviously, the average means that some areas have lost more value than others while no homes have been exempt from some kind of loss.
For the past three years new listings have risen dramatically in January, and we are now at 11.3 months inventory compared to Decembers 7.9- but again no surprise as many sellers will wait until after the holidays to put their homes on the market, or re-list them after a break. Last year we were at 12 months in January and down to 7.8 by March. NE Portland has moved into the hottest position in faster sales with the lowest DOM (days on market) at 119, while the average in Portland for last year was 145. Lake Oswego leads in DOM at 258, again with the highest average sales price as well.
We are still seeing sales of some homes go pending within a day or two of listing, sometimes with competitive offers. The Multnomah Village home just posted in my featured listings is a prime example. These homes are priced very well and in good condition for their market. There are buyers out in the market, if extremely discerning.
Interest rates have edged up, but are still historically extremely low. If you are considering selling and buying up, with the proper strategy you should come out ahead in this market. Much has been said about the large shadow inventory looming, so listing now may be a good strategy to avoid a potential crush. Read the Market Action.