April 2016 real estate activity numbers are in for the Portland Metro Area. Inventory was just 1.4 months in April. Basically, if not a single additional property went on the market, it would take a mere 1.4 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.
April 2016 was an active month. There were 4,082 new listings to the market throughout the metro area, while 3,432 listings went pending and 2,611 listings sold.
By the month’s end, there were just 3,721 active listings to choose among in the metro area. Total days on the market decreased to just 43 days. 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 currently $365,100, compared to $336,100 in April of last year.
April 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 |
95 |
146 |
14 |
125 |
111 |
$369,800 |
25 days |
| NE Portland |
219 |
333 |
36 |
282 |
217 |
$399,300 | 29 days |
| SE Portland |
315 |
485 |
47 |
420 |
313 |
$342,700 | 29 days |
| W Portland |
422 |
445 |
63 |
330 |
237 |
$528,700 | 36 days |
*Source: RMLS Market Action Report (April 2016)
I provide regular updates on market statistics to show you what is happening locally. Interested in learning more about your part of town?