A Publication of RMLS™, The Source for Real Estate Statistics in Your Community Residential Review: Metro Portland, Oregon May Residential Highlights New listings ticked upward in the Portland metro area this May. At 4,388 strong, new listings outpaced May 2016 (4,144) by 5.9% and April 2017 (3,759) by 16.7%. This was the strongest May for new listings in the area since 2008, when 5,182 new listings were offered. Closed sales (2,896) exactly matched May 2016 and showed a 30.5% increase over last month in April 2017. Pending sales, at 3,435, fell 3.6% shy of the 3,563 offers accepted last year in May 2016 but still outpaced last month, April 2017 (3,088), by 11.2%.
May 2017 Reporting Period
Year to Date Summary Activity has been cooler so far in 2017 compared to 2016. New listings (16,696) are down 3.4%, closed sales (11,510) are down 5.4%, and pending sales (13,469) are down 7.8%. Average and Median Sale Prices Prices continue to rise in the Portland metro area. Comparing 2017 to 2016 through May, the average sale price rose 10.7% from $383,000 to $423,800. In the same comparison, the median sale price rose 10.7% from $334,200 to $370,000.
2017 2016
Average Sale Price % Change: +11.1% ($410,000 v. $369,200) Median Sale Price % Change: +12.5% ($360,000 v. $320,100)
For further explanation of this measure, see the second footnote on page 2.
New Listings
Pending Sales
Closed Sales
Average Sale Price
Median Sale Price
Total Market Time
May
4,388
3,435
2,896
440,200
388,000
39
April
3,759
3,088
2,219
428,800
385,000
42
16,696
13,469
11,510
423,800
370,000
50
4,144
3,563
2,896
402,500
354,500
37
17,287
14,611
12,170
383,000
334,200
48
5.9%
-3.6%
0.0%
9.4%
9.4%
6.4%
Prev Mo 2017
16.7%
11.2%
30.5%
2.7%
0.8%
-7.1%
Year-to-date
-3.4%
-7.8%
-5.4%
10.7%
10.7%
5.7%
Year-to-date
Change
*Inventory in Months is calculated by dividing the Active Residential Listings at the end of the month in question by the number of closed sales for that month. This includes proposed and under construction homes. Percent Change of 12-Month Sale Price Compared With The Previous 12 Months
Total market time decreased by three days in May, landing at 39 days. During the same period, inventory edged downward to 1.5 months. Portland Metro Residential Highlights
Inventory in Months* 2015 2016 2017 January 3.4 1.8 1.7 February 3.0 1.8 1.9 March 1.9 1.3 1.3 April 1.8 1.4 1.7 May 1.7 1.4 1.5 June 1.6 1.5 July 1.7 1.9 August 1.9 1.9 September 1.9 2.0 October 1.8 2.0 November 2.0 1.8 December 1.2 1.3
May Year-to-date May
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