Portland Local

Closed sales had the strongest numbers this July in the Portland metro area. At 2,994, closings outpaced July 2018 (2,736) by 7.6% and June 2019 (2,756) by 6.8%. This was the strongest July for closings in the area since 2015, when 3,452 closings were recorded.

Pending sales, at 2,998, fell 2.4% short of July 2018 (3,071) and 2.8% short of June 2019 (3,083). Similarly, new listings (3,966) ended 8.0% under the 4,312 offered last year in July 2018 and 7.4% under the 4,281 offered last month in June 2019.

Inventory decreased slightly in July to end at 2.3 months. During the same period, total market time rose by one day to 43 days. There were 6,797 active residential listings in the Portland metro area this July.

Activity is mixed so far in 2019 compared with 2018. New listings (26,629) are up 0.7%, while pending sales (18,778) are down 2.3% and closed sales (16,903) are down 3.1%.

Comparing 2019 to 2018 through July, the average sale price has increased 1.0% from $453,600 to $458,300. In the same comparison, the median sale price has increased 2.0% from $400,000 to $408,000.

Pending sales saw the sole gain this June in the Portland metro area. At 3,083, pending sales rose 0.8% compared with June of last year (3,059), despite decreasing 6.3% from last month (3,292).

New listings (4,281) fell 5.2% short of the 4,515 new listings offered last year in June and 12.7% from last month (4,902).

Closed sales performed similarly, ending 6.4% under the 2,946 closings recording in June of last year and 7.2% below the closings from last month (2,969).

Inventory rose slightly to 2.4 months in June. Total market time decreased to 42 days in the same period. There were 6,735 active residential listings in the Portland metro area in June.

Comparing 2019 to 2018 through June, the average sale price has increased 0.7% from $453,400 to $456,700. In the same comparison, the median sale price has increased 1.8% from $400,000 to $407,000.

May brought sunny numbers to real estate activity in the Portland metro area! There were 2,969 closed sales, a 5.9% increase over May 2018 (2,803) ~and a 23.2% increase over last month (2,409).

Pending Sales (3,292) rose 2.8% from May 2018 (3,201) and 6.1% from last month (3,102). There were 4,902 new listings offered! A 5.1% increase from May 2018 (4,665) and a 16.4% increase from last month (4,210).

This was the strongest May for new listings since 2008, when 5,182 were offered. Inventory decreased slightly to 2.1 months in May ~ with total market time decreasing to 48 days in the same period.

Comparing 2019 to 2018 through May, the average sale price has increased 0.9% from $448,600 to $452,700. In the same comparison, the median sale price has increased 0.7% from $399,500 to $402,400.

New listings, at 4,210, increased 5.5% over April 2018 (3,990) and a 20.1% increase over the 3,504 offered last month in March 2019. This was the strongest April for new listings in the area since 2010, when 4,713 were offered.

Pending sales, at 3,102, increased 3.1% over April 2018 (3,008) and 13.3% over March 2019 (2,738).

Closed sales, at 2,409, increased 10.4% over March 2019 (2,183) but a decrease of 4.5% from the 2,523 closings recorded last year in April 2018.

Inventory held steady at 2.2 months. There were 5,400 active residential listings in the Portland metro area in April. Total market time decreased to 53 days.

Comparing 2019 to 2018 through April, the average sale price has increased 0.3% from $444,600 to $445,900. In the same comparison, the median sale price has increased 1.2% from $395,000 to $399,600.

New listings, at 3,504, a 43.4% increase over February 2019 (2,444) but new listings fell 3.9% short of the 3,648 new listings offered last year in March 2018.

Pending sales (2,738) ended 5.4% below the 2,894 offers accepted last year in March 2018 but rose 24.0% over the 2,208 offers accepted last month in February 2019.

Closed sales, at 2,183 in March, fared similarly, ending 7.9% below the 2,371 closings recorded in March 2018 but rising 26.5% from last month in February 2019 when 1,726 closings were recorded.

Inventory decreased to 2.2 months in March, with total market time decreasing to 68 days. There were 4,808 active residential listings on the market in the Portland metro area this March.

Comparing the average price of homes sold in the twelve months ending March 31st of this year ($452,700) with the average price of homes in the twelve months ending March 2018 ($434,800) shows an increase of 4.1%. In the same comparison, the median has increased 3.9% from $385,000 to $400,000.