After a cooling period in the final months of 2018, things began to heat up for the North Portland Housing Market in the first quarter of 2019. While January 2018 was busier than January 2019, there was still a fresh start to the year and welcome change after the traditionally slow holiday season. In terms of numbers, January and February performed similarly and ultimately proved to be encouraging to buyers, especially as March drew near. The housing market stayed hot throughout March, foreshadowing a pattern likely to continue through the remainder of the year, all of which will largely depend on mortgage rates.
Days on Market
In January, the average number of days a house stayed on the market was 45, for a median of 27. In similar fashion, February and March both saw an average number of 50 days on the market, with a slightly lower median of 23 and 20, respectively.
Number of Homes Sold
The year began with high inventory at a whopping 1,129 houses on the market, creating a promising year for potential homebuyers. By the end of the month, 429 listings were sold and 797 were pending. In February, there were 875 new listings, 557 sold listings, and 763 pending. March experienced a surge with 1,344 new listings, 960 sold listings, and 734 pending.
Prices came down a bit in the first quarter of 2019 and flattened out for a short while. For January, the median selling price was $399,450, $412,200 in February, and the highest of the year in March at $419,450.
The prices quoted above are down slightly from the first quarter of 2018. January 2018 saw a median price of $401,500, February 2018 experienced a median price of $413,500, while March 2018 saw the biggest decrease from last year at a median price of $426,000.
Hope for the Immediate Future
With things beginning favorably in the first quarter of 2019, the market is still strong and hopes are still high for buyers, while perhaps not as good for sellers. Because March was such a hot month and things haven’t come to a complete halt yet in 2019, there’s still substantial momentum moving into April and the second quarter of 2019.
What the Future Holds
January started hot for the North Portland Housing Market, likely due to lower mortgage rates and a surge in inventory. Houses priced within the $300k to $450k range are selling fastest in west Portland, while houses priced over $600k have been sitting on the market longer. Now that spring has officially arrived, mortgages are low and prices have begun staying within a comfortable range for many buyers, we are likely to see demand and competition increase. Similar to 2018, April is projected to be one of the best months of the year. Stay tuned for the release of our second quarterly update of 2019 and find out how it performs.
As always, if you need assistance buying or selling a home, give us a ring! We’d love to help you navigate Portland’s market and find your dream home. For more information, visit www.farrellrealty.com or give us a call at (503)-283-1900.