Monthly Local Market Report

How’s The Market?

Below is an excerpt from the Regional Multiple Listing Service’s most recent “Market Action” report that comes out monthly and is e-mailed to all member Realtors. This is data specific to the Portland Metro Area market.

April Residential Highlights

The Portland metro area saw some mixed real estate activity this April, while the year to date still remains cooler compared to 2016. New listings, at 3,759, fared 4.3% better than last month in March 2017 (3,604), but fell 7.9% short of the 4,082 new listings offered last year in April 2016.

Similarly, pending sales (3,088) were 10.0% cooler than in April 2016 (3,432) but showed a modest
1.5% gain over last month in March 2017 (3,043).

Closed sales, at 2,219, fell 11.0% short compared to last month’s 2,494 closings and 15% short compared to the 2,611 closings recorded last year in April 2016.

Inventory crawled upward in April, ending at 1.7 months. Total market time decreased by four days, ending at 42 days. There were 3,753 active residential listings in the Portland metro area in April.

Average and Median Sale Prices

Comparing the average price of homes sold in the twelve months ending April 30th of this year ($406,500) with the average price of homes in the twelve months ending April 2016 ($365,200) shows an increase of 11.3%. In the same comparison, the median has increased 11.6% from $318,500 to $355,500.

Below is a table with data from the RMLS for specific areas. Note that Appreciation is based on a comparison of the rolling average sale price for the last 12 months with the 12 months prior. Days on Market is the number of days from when a property is listed to when an offer is accepted on that same property. If a property is re-listed within 31 days, DOM continues to accrue; however, it does not include the time that it was off the market:

AreaDays on MarketMedian Sales PriceAppreciation
N Portland28$385,00011.6%
NE Portland33$390,80010.7%
SE Portland34$330,00011.0%
Oregon City/Canby73$360,0008.6%
Lake Oswego/West Linn68$535,5009.6%
W Portland50$495,00014.0%
NW Washington County39$518,00010.6%
Hillsboro/Forest Grove32$337,50013.3%
Mt. Hood149$295,00012.3%
Columbia Co.53$260,00011.6%
Yamhill Co.54$289,90013.5%

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