December Update: Good News!

When discussing market stats, this caveat:

The value of a home is exactly that price a seller will accept and a buyer will pay.

National stats aren’t Portland Metro stats, which aren’t neighborhood stats, which aren’t an absolute predictor of what a home you’re selling or buying is worth. Consult your realtor!

That said, hot off the press: Much better than I’d predicted. These are all for the Portland Metro area:

1. Closed sales (units) down 16.4%, new listings up 8.3%.

2. Inventory 4.5 months, down from 5.6 in November, a standard seasonal drop. Up from December a year ago, 2.2 months.

3. As noted, average price up for the year 14.1%, median price up 13.9%

4. But the best news: Pending sales, which compress the market closer to real-time, were UP, 0.2%. That’s a small number, yes, but it’s the first year over year increase since October, 2005.

It looks every bit that what we anticipated is in fact happening: Sellers’ prices are falling into line with buyers’ expectations. Homes continue healthy appreciation, but not at the insane rate of 2005. We have a relatively stable market.

Good time to sell, good time to buy!