Rise and shine, Portland. When the sun comes out, and flowers bloom, it must be real estate season. May actually saw the largest number of new listings (4,388) hit the market since 2008. Despite the push in new listings, inventory remains low at 1.5 months. 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.
May 2017 was definitely hotter than April. As stated above, there were 4,388 new listings to the market throughout the metro area, while 3,435 listings went pending and 2,896 listings sold.
Total days on the market decreased to 39 days. 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 currently $423,800, compared to $383,000 in May of last year. That’s a 10.7% increase since last year.
May 2017 Residential Single Family Real Estate Data*:
|
Active Listings |
New Listings |
Expired Listings |
Pending Sales |
Closed Sales |
Average Sales Price |
Total Market Time |
|
| N Portland |
164 |
191 |
36 |
146 |
125 |
$410,100 |
28 days |
| NE Portland |
303 |
368 |
66 |
298 |
270 |
$476,500 |
27 days |
| SE Portland |
431 |
532 |
74 |
390 |
345 |
$405,200 |
28 days |
| W Portland |
606 |
511 |
92 |
329 |
299 |
$633,200 |
44 days |
*Source: RMLS Market Action Report (May 2017)
Finally, courtesy of the fine folks at RMLS, here is a graphic of the metro area’s median sales price data for the month of May 2017:
