Now that temperatures have hit the mid-nineties it appears summer is officially in full swing here in the Portland metro area. For those who like to soak up some warm rays I'm sure that is really exciting. For people like me who cringe at the idea of being exposed to sunlight, that means you'll be seeing a lot more blog posts as I hide away in an office with the shades drawn.
Here at PDX Urban, we got the latest market numbers as published by RMLS up through the month of June. As always, if you enjoy this article and wish to receive regular updates from PDX Urban, I encourage you to sign up for our Newsletter. You are also welcome to Contact Us with any questions and we'll be happy to talk!
Perhaps a bit of a mixed blessing for many, the Portland metro area saw some cooler activity this June, but closed sales saw a gain over last month. At 2,946, closed sales slipped 7.6% below the 3,187 closings recorded last year in June 2017, but outpaced May 2018 (2,803) by 5.1%. Even so, June closings were last lower in 2014, when 2,617 were recorded for the month.
The most surprising number for me is the fact that Inventory rose to 2.1 months in June, with total market time holding steady at 37 days. Increasing inventory is often a sign of prices easing downward, however since two months is still a market heavily skewed toward sellers, it remains to be seen how much of effect this will have in the long run.
Activity so far in 2018 is a little mixed compared to 2017. New listings (22,079) are up 2.7%. Pending sales (16,297) are down 1.7% and closed sales (14,546) are down 2.2%.
Comparing 2018 to 2017 through June of each year, the average sale price rose 6.2% from $427,000 to $453,400. In the same comparison, the median sale price rose 6.7% from $375,000 to $400,000. I expect to see these gains cool off a little bit too as inventory increases. I say that with a grain of salt however. Past trends have been a lousy predictor of the future in today's real estate market.
New listings, at 4,515, ended 4.7% cooler than in June 2017 (4,739) and 3.2% cooler than last month in May 2018 (4,665). Pending sales fared similarly. There were 3,059 offers accepted, falling 6.0% below the 3,254 offers accepted last year in June 2017 and 4.4% below the 3,201 offers accepted last month in May 2018.