How’s The Market?
June Residential Highlights
The Portland metro area saw some cooler activity this June, but closed sales saw a gain over last month. At 2,946, closed sales slipped 7.6% below the 3,187 closings recorded last year in June 2017, but outpaced May 2018 (2,803) by 5.1%. Even so, June closings were last lower in 2014, when 2,617 were recorded for the month.
New listings, at 4,515, ended 4.7% cooler than in June 2017 (4,739) and 3.2% cooler than last month in May 2018 (4,665).
Pending sales fared similarly. There were 3,059 offers accepted, falling 6.0% below the 3,254 offers accepted last year in June 2017 and 4.4% below the 3,201 offers accepted last month in May 2018.
Inventory rose to 2.1 months in June, with total market time holding steady at 37 days.
Average and Median Sale Prices
Comparing 2018 to 2017 through June of each year, the average sale price rose 6.2% from $427,000 to $453,400. In the same comparison, the median sale price rose 6.7% from $375,000 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||52||$583,000||8.8%|
|NW Washington County||36||$529,700||5.2%|