March 2016 real estate activity numbers are in for the Portland Metro Area. What is going on, Portland? Inventory dropped to just 1.3 months. Basically, if not a single additional property went on the market, it would take a mere 1.3 months to deplete the current inventory. As a reminder, a well-balanced market contains about six months of inventory. The last time the Portland market had anything close to 6 months of inventory was back about February 2012.
March 2016 was an active month. There were 3,409 new listings to the market throughout the metro area, while 3,076 listings went pending and 2,565 listings sold.
By the month’s end, there were just 3,318 active listings to choose among in the metro area. Total days on the market decreased to 51 days, compared to 60 days last month. There are still a number of “hot” neighborhoods where listings sold in less than a week, if not in a matter of hours. We remain a strong seller’s market with plenty of willing buyers, and not enough inventory to satisfy need. For those who are paying attention, the average sales price for the metro area is up to $385,100, compared to $361,100 in March of last year.
March 2016 Residential Single Family Real Estate Data*:
|
Active Listings |
New Listings |
Expired Listings |
Pending Sales |
Closed Sales |
Average Sales Price |
Total Market Time |
|
| N Portland |
86 |
132 |
17 |
122 |
103 |
$365,000 |
30 days |
| NE Portland |
190 |
299 |
37 |
263 |
257 |
$411,100 |
33 days |
| SE Portland |
273 |
405 |
41 |
375 |
291 |
$348,500 |
39 days |
| W Portland |
348 |
344 |
66 |
268 |
142 |
$551,400 |
49 days |
*Source: RMLS Market Action Report (March 2016)
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