Portland Metro Market Action Report
Well, well, well…a price jump of 6% in a single month! Looks huge compared to the NAR’s national average for the entire country, which is the Non-Seasonally Adjusted figure of 5.8% from last year!
New listings jumped up as well by 43%, however, different than last March, the pending sales gobbled them right up with a parallel jump of 28.5% compared to last year which was only a 10.4% jump from the previous month.
The other news is the median sales price for the Portland Metro Area being at $370,000! Last year the peak number was $362,000 in June. If we are above that number for 2017 already, you can forecast this year’s number to peak again higher easily. Hang on! The ride is not over yet…
The largest dilemma facing our industry is inventory—we need more houses on the market to balance out the demand facing supply. If you are leaving the area, you will have no problem selling your home in a week if correctly priced. However, if you are relocating to another spot here in the Portland the challenge to find a spot to land is very difficult. Only a licensed professional agent will be able to help you navigate this landscape—trust me. The other very difficult challenge is finding the ability to purchase without selling your home first. This market will very rarely accept a contingent offer on the closing of your home first. Back in the heyday of real estate in 2005-2006 bridge loans provided this ability constantly. Now, there are only a handful of companies doing this and, once again, that is where an agent will be able to assist in locating one who fits your needs.
Median By Portland Area % up from Last Year
Beaverton $328,000 13.1
Tigard $405,000 11.0
Lake Oswego $530,000 11.6
Milwaukie $358,000 8.8
Oregon City $355,000 10.1
West Portland $499,900 11.1
North Portland $385,000 10.0
Northeast Portland $390,000 15.0
Southeast Portland $322,000 11.0
RMLS Market Action March 2017
Compared to Last Year
- Inventory even from 1.3 months from 1.3 months.
- Closed sales down -2.8%.
- Pending sales down -1.1%
- New listings up 5.7%.
- Average Sales Price up 11.2%
- Median Sales Price up 10.4%
Compared to Last Month
- Inventory down to 1.3 months from 1.9.
- Closed sales up 49.4%
- Pending sales up 28.5%
- New listings up 43%
- Average Sales Price up 6%
- Median Sales Price up 4.7%
Broker/Portland Metro Market Analyst
Realty Trust Group