The Portland Metro monthly property reports give us insight into how the wider market is moving. The trends of the wider market WILL affect the sales and motivations of individual transactions, whether sales or purchases.
New listings are up YoY, while close and pending sales in the Portland Metro Area are declining, continuing the trend that has been in place for the past 6-9 months. YoY average and median sale price increases were both between 5-6%, indicating that home owners are still seeing home equity increase due to the market, even during this correction period.
The trend continues in the Portland real estate market to push closed sales down, in both month over month, and year over year numbers. However, pending sales did increase over the same time frames. New listings were mixed; up in year over year numbers, but down compared to June 2018. Inventory has increase to 2.4 months, which continues our slow trend toward balance. Both the average and median sale prices are up around 6% compared to last year.
A 13.7% spike in closed sales in April 2018 vs April 2017. Also 6.7% increase month to month, April vs. March. Inventory ticked up slightly as well, both YoY and MoM. Both indicators speak to a market that is continuing to struggle toward balance. New listings are up in both indicators, as well as average and median sales YoY (7.5 and 9.1%, respectively). Days on market dropped 13 days down to 42 for April, as Springtime buyers seem to be coming out of hibernation.
Fewer new listings hit the market this September than September 2017, leaving fewer options for buyers currently in the market for a new home. Expect this to lead to lower pending and closed sales over the next couple months, and for competition for current listings to increase a bit. YoY average and median sales prices increased between 5-6% for September, indicating a still healthy market for most home owners. Inventory at 3.1 months is the highest the Portland Metro Area real estate market has seen in the past couple years. Expect this trend to continue through the winter months.
We finally broke the $400k median home sale pricepoint. However, at the same time, our YOY closed and pending sales numbers dropped. Inventory also increased to 2.1 months this June, versus 1.6 months in June 2017. Average days on market for the metro area remains about the same as last year, as well as last month. Looks like Portland real estate is still trending toward a more balanced market as our inventory grows.
In March, new listings were up by 1.2%, while pending and closed sales were down YoY. Compared to February, however, both pending and closed sales in the Portland Metro Area were up significantly, signaling another strong spring and summer market. Average and Median prices crept up 7.6% and 8.8%, respectively to $435,000 and $385,000. A decrease in inventory to 1.6 months is likely to keep price increases going.
Portland's pending home sales and new listings were way up in January vs December 2017 and January 2017. However, closed sales slowed quite a bit for the same time periods. This led to Portland's real estate inventory increasing to 2.2 months, a height it has only reached once over the past couple years. Days on market also rose to 60. Medium sale price rose from 350,000 to $380,000, January 2017 to January 2018. Higher interest rates could be cooling off some potential buyers, but this trend appears to be a continuation of the past few months trend, and interest rates are still historically low. More inventory expected in the Spring and Summer could help to continue the stabilization trend.
More new listings on the market this August compared to August 2018. Closed sales also increase over July 2018’s numbers. At the same time, the number of months of inventory decreased slightly, compared to July 2018. As we move into the fall and winter months, expect to see inventory increase due to seasonality and the school year beginning. Average and median sale prices rose between 5-6% versus August 2017, continuing our trajectory of an actively balancing real estate market.
The trend continues. New listings increased in May, to the most new listings in May since 2008, which saw 5,000+ new listings. At the same time pending listings and sold listing have fallen YoY, while increasing from last month. The monthly increase is to be expected in both of those categories, as we get into the more active summer season. Median price also rose to $399,500 for the Metro area.
Closed sales in Portland's real estate market saw some gains in February 2018 vs. YOY and previous month sales, along with small gains in new listings over the same compared statistics. Pending sales fell slightly YOY, but increased from last month. Days on market also increase to 69 from 60. Average sale prices increase by 7.5%, and median sales in creased by 9.4% YOY. Still on 1.9 months of inventory, indicating that it is still a strong sellers market as we head into the Spring season!