Spring feels like it has arrived in Portland and with it we have some fresh numbers to share about the real estate market. Traditionally spring is one of the busiest times in the real estate world and the Portland metro area is no exception to that general rule.
Below I will summarize a bit of what we are seeing as of the latest official RMLS market report for March. As always, if you have any questions please don't hesitate to Contact PDX Urban or feel free to sign up for our newsletter to stay up to date on the latest market info!
- New listings in the Portland metro area saw a tiny gain compared to last year. At 3,648 for the month, new listings edged 1.2% over the 3,604 new listings offered last year. New listings were also up 44% over February of this year (2,530). This was the bet March for new listings in Portland since 2010!
- Closed sales were down 4.9% from March of 2017 but were up 31.3% over the prior month of February 2018. Pending sales saw the same trend going down 4.9% from March of last year but were up 23.8% over the prior month of February 2018.
- Inventory however continued its downward trend and now sits at 1.6 months with the average home sitting on the market for roughly 55 days. Currently, there are 3,844 active listings in the residential market for the Portland metro area.
- So far this year, comparing the average prices of homes sold in the twelve months ending March 31st of this year with the average price of homes in the twelve months ending March of 2017, we can see an increase of 7.6%. Today the median home price in the Portland metro area sits at $385,000.