Greater Portland Metro Area

Despite inventory increasing to 2.0 months in June, supply remains constrained throughout the Greater Portland Metro area as the usual uptick of inventory in the spring did not mature this year. It is believed that absent a need to sell, homeowners are sheltering in place thanks to their low interest rate – 72% of borrowers have a mortgage rate at or below 4%.

Days On Market

Average days on market climbed 107% from year-ago figures to 31 days throughout the Greater Portland Metro area. On a percentage basis, days on market increased the least in West Linn, where a 6% year-overyear rise landed average days on market at 18 days this quarter, also the shortest average for the region.

NEW LISTINGS, ACTIVE LISTINGS, & PENDING SALES

New listings in the Greater Portland Metro area (9,184) missed the mark by 24%, active listings (12,511) fell 11% from year-ago figures and pending sales (6,605) were down 22% from this time last year.

Average Sales Price

Average sales price ($619,427) fell a modest 3% compared to the same quarter last year. On a percentage basis, average sales price fell the most in Yamhill, where a 12% year-over-year decrease saw average sales price at $534,569 this quarter. Average sales price in Lake Oswego was up 14% to $1,221,032, the highest average sales price for the region.

Closed Transactions

Closed transactions (6,103) declined 33% compared to the same time last year. At 790 units, Southeast Portland recorded the most closed units this quarter, which presented a 28% decrease from this time last year.