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.

May Residential Highlights

May brought sunny numbers to real estate activity in the Portland metro area. There were 2,969 closed sales, a 5.9% increase over May 2018 (2,803) and a 23.2% increase over April 2019 (2,409). This was the strongest May for closings in the area since 2006, when 3,054 were recorded.

Pending sales (3,292) rose 2.8% from May 2018 (3,201) and 6.1% from April 2019 (3,102).

There were 4,902 new listings offered, a 5.1% increase from May 2018 (4,665) and a 16.4% increase from April 2019 (4,210). This was the strongest May for new listings since 2008, when 5,182 were offered.

Inventory decreased slightly to 2.1 months in May, with total market time decreasing to 48 days in the same period.

Average and Median Sale Prices

Comparing 2019 to 2018 through May, the average sale price has increased 0.9% from $448,600 to $452,700. In the same comparison, the median sale price has increased 0.7% from $399,500 to $402,400.

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 Portland47$405,0001.6%
NE Portland38$426,5000.7%
SE Portland39$373,500
Oregon City/Canby53$405,0006.3%
Lake Oswego/West Linn64$580,0000.9%
W Portland77$525,0002.3%
NW Washington County46$510,100-0.4%
Tigard/Wilsonville38 $435,0003.0%
Hillsboro/Forest Grove34$379,9004.2%
Mt. Hood103$310,000-0.7%
Columbia Co.95$300,0004.6%
Yamhill Co.49$340,0008.3%

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