How’s The Market?
August Residential Highlights
August brought mixed activity to the Portland metro area, but closed sales saw some modest gains. At 3,034, closings rose 1.1% compared to last year in August 2016 and 8.6% compared to last month in July 2017.
Pending sales, at 3,702 for the moth, edges 1.1% over July 2017 when 3,040 offers were accepted but fell 7.6% short of the 3,325 offers accepted last year in August 2016.
New listings, at 4,048, ended 3.7% under both July 2017 when 4,202 new listings were offered, and August 2016 when 4,203 new listings were offered for the month.
Inventory decreased to 2.0 months in August. During the same period total market time increased by one day, ending at 34 days.
There were 5,940 active residential listings in the Portland metro area in August.
Average and Median Sale Prices
Prices continue to rise in the Portland metro area. Comparing 2017 to 2016 through August, the average sale price rose 9.3% from $392,600 to $429,000. In the same comparison, the median sale price rose 10.7% from $343,200 to $379,900.
Year to Date Summary
Activity has been cooler so far in 2017 compared to 2016. New listings are down 2.6%, closed sales are down 2.7%, and pending sales are down 7.6%.
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||38||$560,000||8.6%|
|NW Washington County||27||$502,500||10.4%|