I know I am a little bit late getting these numbers out for the Portland real estate market. August and September have proven to be busy months for us here at PDX Urban but I do think it is important to take the time to analyze the latest trends and statistics for PDX so we can be better informed on how to be the best real estate agents possible for our clients.
So let’s look at a breakdown of everything we’ve seen in the Portland area up through the month of August. As always, if you have any questions at all please feel free to Contact Us and we’ll be happy to help!
The Portland metro area saw more mixed activity in August, but new listings were up compared with August 2017. At 4,214 new listings outpaced August 2017 (4,048) by 4.1%, despite cooling 2.3% from the 4,312 new listings offered last month in July 2018.
Inventory decreased slightly to 2.3 months in August. Total market time increased to 40 days in the same period. Though this number represents a slight decrease from last month, when one looks at current inventory levels year over year there is a trend upward. This means we are seeing a climate in the real estate market shifting away from sellers and more toward buyers, though even 2.3 months is historically low when looking at the average inventory levels going back ten or more years.
Closed sales (2,967) increased 8.4% from last month in July 2018 (2,736) but ended 2.2% under the 3,034 closings recorded last year in August 2017. Pending sales, at 2,760, were 10.2% cooler than August 2017 (3,072) and 10.1% cooler than July 2018 (3,071). Activity so far in 2018 is mixed compared to 2017. New listings (30,721) are up 2.9%. Closed sales (20,572) are down 2.0% and pending sales (21,836) are down 2.1%.
Comparing 2018 to 2017 through August of each year, the average sale price rose 5.9% from $429,000 to $454,500. In the same comparison, the median sale price rose 5.6% from $379,900 to $401,000. This continues the trend of home prices in the Portland Metro Area on an upward trajectory. Increases of over ten percent year over year seem to be behind us, but an increase in value of over five percent still puts real estate firmly in the territory of being a good investment for the average person.