How’s The Market?
April Residential Highlights
Closed sales saw an upswing this April in the Portland metro area. There were 2,523 closings, a 13.7% increase over April 2017 (2,219) and a 6.4% increase over last month in March 2018 (2,371).
New listings (3,990) saw gains as well, outpacing April 2017 (3,759) by 6.1% and March 2018 (3,648) by 9.4%.
Pending sales, at 3,008 in April, fell 2.6% short of the 3,088 offers accepted last year in April 2017 but edged 3.9% over the 2,894 offers accepted last month in March 2018.
Inventory increased by a fraction of a month in the Portland metro area in April, ending at 1.8 months. During the same time, total market time decreased to 42 days. There were 4,469 active residential listings in the Portland metro area this April.
Average and Median Sale Prices
Comparing the average price of homes sold in the twelve months ending April 30th of this year ($436,800) with the average price of homes in the twelve months ending April 2017 ($406,400) shows an increase of 7.5%. In the same comparison, the median has increased 9.1% from $355,300 to $387,500.
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:
|Area||Days on Market||Median Sales Price||Appreciation|
|Lake Oswego/West Linn||63||$572,800||6.6%|
|NW Washington County||43||$515,500||6.1%|