Supply of Portland-area properties for sale hits 8-year low, median home prices up 24 percent in 1 year
Just 2.3 months’ worth of residential properties are for sale in the Portland area at normal rates of turnover, according to December figures from the Regional Multiple Listings Service. That’s lower than at any time over at least the last eight years.
Dustin Miller of the Realty Trust Group in Lake Oswego said Wednesday that Portland-area real estate brokers are feeling desperate.
“It is like we are African animals in the center of the Serengeti watching the oasis get smaller and smaller,” he said by email. “We are losing that Christmas and New Years fat quickly while running all over town!”
Decembers tend to be slow months in the real estate business, anyway. But new listings and pending sales in the metro area declined last month, while the number of completed sales rose to 2,239, according to RMLS. Taken together, the trends mean an already tight inventory was squeezed even more.
In a report issued to members Wednesday, the listings service said the average sale price for houses in the metro area last month was $331,600, while the median was $290,000. Other services, such as Zillow and Trulia, report median prices ranging from $305,000 to about $320,000.
In December 2013, according to RMLS, the median sale price was $267,300 and properties stayed on the market an average of 87 days.
Houses remain on the market in the metro area about 76 days on average, RMLS said.
— Mike Francis