How’s The Market?
March Residential Highlights
March brought some gains to the Portland metro area, but all measures were cooler than last year in March 2018. There were 3,504 new listings, a 43.4% increase over February 2019 (2,444) but new listings fell 3.9% short of the 3,648 new listings offered last year in March 2018.
Pending sales (2,738) ended 5.4% below the 2,894 offers accepted last year in March 2018 but rose 24.0% over the 2,208 offers accepted last month in February 2019.
Closed sales, at 2,183 March, fared similarly, ending 7.9% below the 2,371 closings recorded in March 2018 but rising 26.5% from last month in February 2019 when 1,726 closings were recorded.
Inventory decreased to 2.2 months in March, with total market time decreasing to 68 days. There were 4,808 active residential listings on the market in the Portland metro area this March.
Average and Median Sale Prices
Comparing the average price of homes sold in the twelve months ending March 31st of this year ($452,700) with the average price of homes in the twelve months ending March 2018 ($434,800) shows an increase of 4.1%. In the same comparison, the median has increased 3.9% from $385,000 to $400,000.
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:
|Area||Days on Market||Median Sales Price||Appreciation|
|Lake Oswego/West Linn||94||$550,000||2.2%|
|NW Washington County||66||$500,000||0.0%|