How’s The Market?
June Residential Highlights
It was another good month for new listings this June in the Portland metro area. There were 4,739 new listings recorded, a 5.3% increase over the 4,501 new listings offered last year in June 2016 and a 8.0% increase over the 4,388 new listings posted last month in May 2017. It was the strongest June for new listings since 2008, when 5,213 were offered for the month.
Closed sales, at 3,187, fared 0.9% better than last year in June 2016 (3,158) and 10.0% better than last month in May 2017 (2,896).
Pending sales, at 3,254, decreased 4.0% compared to June 2016 (3,390) and 5.3% compared to May 2017 (3,435).
Inventory snuck up to 1.6 months in June, with total market time decreasing by one day, to end at 38 days.
Average and Median Sale Prices
Prices continue to rise in the Portland metro area. Comparing 2017 to 2016 through June, the average sale price 9.8% from $388,800 to $427,000. In the same comparison, the median sale price rose 10.3% from $339,900 to $375,000.
Year to Date Summary
Activity has been cooler so far in 2017 compared to 2016. New listings (21,505) are down 1.8%, closed sales (14,866) are down 3.9%, and pending sales are down to 7.2%
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:
|Area||Days on Market||Median Sales Price||Appreciation|
|Lake Oswego/West Linn||71||$550,500||6.9%|
|NW Washington County||34||$513,300||11.0%|