Closings had a strong month this February in the Portland Metro Area. There were 1,806 closed sales, a 8.2% increase over February 2017 (1,669) and a 10.9% increase over January 2018 (1,628). New listings (2,530) saw gains last month, outpacing February 2017 by 0.4% and January 2018 by 1.8%.

Pending sales, at 2,337, fell 1.4% short of the 2,369 offers accepted last year in February 2017 but inched 1.1% ahead of the 2,311 offers accepted last month in January 2018. Total market time increased by 9 days last month, ending at 69 days. Inventory decreased slightly to 1.9 months. There were 3,441 active residential listings in the Portland metro area this February.

Comparing the average price of homes sold in the 12 months ending February 28th of this year ($432,000) with the average price of homes in the 12 months ending February 2017 ($402,000) shows an increase of 7.5%. In the same comparison, the median has increased 9.4% from $350,000 to $383,000.