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.

August Residential Highlights

Pending sales saw the sole gain this August in the Portland metro area. There were 2,929 pending sales, a 6.1% increase over the 2,760 offers accepted last year in August 2018, but falling 2.3% short of the 2,998 offers accepted last month in July 2019.

Closed sales, at 2,901, decreased 2.2% from the 2,967 closings recorded in August 2018 and fell 1.5% short of the 2,944 closings from July 2019.

New listings (3,757) fared similarly, ending 10.8% lower than in August 2018 (4,214) and 5.3% lower than last month in July 2019 (3,966).

Total market time rose by five days in August to end at 48 days. Inventory held steady at 2.3 months.

Average and Median Sale Prices

Comparing 2019 to 2018 through August, the average sale price has increased 1.0% from $454,500 to $458,900. In the same comparison, the median sale price has increased 2.2% from $401,000 to $410,000.

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 Portland41$405,0001.2%
NE Portland37$430,0001.8%
SE Portland41$375,000
Oregon City/Canby48$415,0004.0%
Lake Oswego/West Linn76$590,000-0.7%
W Portland76$520,000-0.7%
NW Washington County42$515,000-2.5%
Tigard/Wilsonville47 $440,0002.2%
Hillsboro/Forest Grove39$384,9004.1%
Mt. Hood86$305,000-4.1%
Columbia Co.42$301,0004.2%
Yamhill Co.44$345,0005.7%

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