The Portland Regional Multiple Listing Service (RMLS) reported this week that total home sales and median and average sale prices followed the expected trends. The surprise was that new pending sales, i.e., homes that went into escrow under a sale contract, were the highest for any January since 2007. You can read the full January 2015 RMLS Market Action Report by clicking this link.
The other significant trend, and the one that makes us virtually certain that we will see rising home prices this spring, is that inventory continues to be very low. January’s active listing inventory of 3.4 months was the lowest January since 2006, and far less than half the average of all the Januarys since 2003. Conventional wisdom holds that six months inventory represents a balanced market, so 3.4 months inventory is a strong leading indicator of rising prices.
We follow this stuff so that you don’t have to. If you are thinking about selling, there are buyers for your home. And if you would just like to know the value of your home in today’s market, please call us at 503.222.4300.