Well, the new Portland Real Estate numbers are in for July across PDX and once again it is time to have a look at them. Anyone who has ever worked with me knows that I am a bit of a data geek so writing out this report every month is really exciting!
As always, if you have any questions about this blog post, or about the real estate market in Portland in general, please don't hesitate to CONTACT us.
Inventory levels seems to be the number most real estate professionals focus on, myself included much of the time. 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.
So in other words, it's the current supply of homes available on the market and as you can see it is now at its highest since the year 2016. How does this affect you? This means more choices for buyers and more competition for sellers so the tables are turning a little bit more toward a buyers market. It should be noted however, that 2.4 months of inventory is still very low compared to many other metro reasons.
Pending sales saw gains this July in the Portland metro area. At 3,071, pending sales outpaced July 2017 (3,040) by 1.0% and June 2018 (3,059) by 0.4%. New listings, at 4,312, outpaced July 2017 (4,202) by 2.6%, but cooled 4.5% when compared with June 2018, when 4,515 new listings were offered.
Closed sales (2,736) cooled 2.0% from July 2017 (2,793) and 7.1% from June 2018 (2,946). Total market time decreased by one day in July, ending at 36 days. During the same period, inventory increased slightly to 2.4 months. July saw 6,549 active residential listings on the market.
Activity so far in 2018 is mixed compared to 2017. New listings (26,455) are up 2.8%. Pending sales (19,221) are down 0.9% and closed sales (17,445) are down 2.0%. Average and Median Sale Prices Comparing 2018 to 2017 through July of each year, the average sale price rose 6.0% from $428,000 to $453,600. In the same comparison, the median sale price rose 5.8% from $378,000 to $400,000.