Housing inventory dropped in February – Portland Real Estate Market Report 2019
Portland real estate market data is out for February 2019. After a surprising number of new inventories from January, the new listings dropped again in February. In January, we had 1131 new listings whereas in February, we only had 875 new listings. February normally gets more new listings than January so maybe the January number was an outlier rather than a new trend of more people selling in 2019. Maybe all that snow we received in February had something to do with it. When homes are covered in snow, realtors often recommend waiting until the snow is gone for photography. In 2018, there were 861 new listings in February and 788 in January. The number jumped to 1372 in March. Right now we’re in March and although I don’t get the complete data until the end of the month, I’ve been seeing a lot of new listings popping up in the last few days so it will be interesting to see what the March inventory will look like.
The median sold price is $412,200, which is overall down a little bit from 12 months ago. Price for detached single family homes has increased a bit from 12 months ago. The market is still cool with average days of 54 days on the market. The median is 29 days, which is down from 36 days from January. In February 2018, average days on the market was 47 with 22 median days on the market. In April 2018, that was reduced to 25 average days with 6 median days so in about two months, we will see a hot spring market slightly cooler than 2018 but still a hot market.
Mortgage rates are still down and they seem to be on a downhill trend, which is great for home buyers. The rate is currently at 4.35%, which is lower than this time of year in 2018 when the rate was 4.45% on an upward trend. The economy is slowing and that seems to be causing the rates to cool down. So long as the job market stays strong, the housing market will continue to be healthy.