February 2017 brought more mixed activity to the Portland metro area, but activity made some gains over last month. Pending sales (2,369) showed a 19.0% increase over the 1,990 offers accepted last month in January 2017, but a 15.0% decrease when compared to last year in February 2016. Similarly, new listings (2,521) ended 12.9% under the 2,896 new listings offered last year in February 2016 but were 14.0% warmer compared to the 2,212 new listings offered last month in January 2017.
Closed sales, at 1,669 for the month, ended 7.9% below February 2016 (1,813) and 9.6% below closings recorded last month in January 2017 (1,847). Inventory edged slightly higher in February, ending at 1.9 months. Total market time rose to 62 days during the same period. There were 3,109 active residential listings in the Portland metro area this February.
Comparing the average price of homes sold in the twelve months ending February 28th of this year ($400,800) with the average price of homes in the twelve months ending January 2016 ($357,400) shows an increase of 12.1%. In the same comparison, the median has increased 12.9% from $310,000 to $350,000.