PORTLAND SIZZLES IN JUNE
Portland Metro Area Residential Highlights
It was another good month for new listings this June in the Portland metro area. There were 4,739 new listings recorded, a 5.3% increase over the 4,501 new listings recorded last year in June 2016 and a 8.0% increase over the 4,388 new listings posted last month in May 2017.
It was the strongest June for new listings since 2008, when 5,213 were recorded for the month. Closed sales, at 3,187, fared 0.9% better than last year in June 2016 (3,158) and 10.0% better than last month in May 2017 (2,896).
Pending sales, at 3,254, decreased 4.0% compared to June 2016 (3,390) and 5.3% compared to May 2017 (3,435). Inventory snuck up to 1.6 months in June, with total market time decreasing by one day, to end at 38 days.
Year To Date Summary
Activity has been cooler so far in 2017 compared to 2016. New listings (21,505) are down 1.8%, closed sales (14,866) are down 3.9%, and pending sales (16,572) are down 7.2%.
Average and Median Sale Prices
Prices continue to rise in the Portland metro area. Comparing 2017 to 2016 through June, the average sale price rose 9.8% from $388,800 to $427,000. In the same comparison, the median sale price rose 10.3% from $339,900 to $375,000.
Percent Change is based on a comparison of the rolling average sale price for the last 12 months (7/1/16-6/30/17) with 12 months before (7/1/15-6/30/16).
Inventory in Months is calculated by dividing the Active Residential Listings at the end of the month in question by the number of closed sales for that month. This includes proposed and under construction homes.