Our local multiple listing service (RMLS) released their real estate market statistics for June last Friday covering the Portland metro area. Based on the latest data the market is continuing to improve, in some areas quite dramatically. Continuing over a year long trend now, the number of active listings are down and sales activity is up from the prior year period. Consequently, the home inventory has continued to drop to now only 3.9 months worth in June. This compares to 6.0 months worth of housing inventory a year ago. Unsold inventory levels haven’t been this low since March 2007!
Comparing market activity to a year ago, pending and closed sales were up 22% and 15% respectively while active listings are down 26%. The median sale price ($242,000) in June was up 8.6% from last June as well as up 3.2% from the prior month of May. The median sale price has now risen five consecutive months and is at its highest level since Aug. 2010!
Within the tri-county area (Clackamas, Multnomah & Washington) home inventory is currently lowest in NW Washington County and Beaverton/Aloha (Areas 149 & 150) at only 2.8 months and highest in Oregon City/Canby (Area 146) at 5.7 months. The lowest median sale price is currently in Gresham (Area 144) at $185,300 and the highest is $361,700 in Lake Oswego/West Linn (Area 147).
Average days on market, the period of time from when a property goes on the market to when it goes sale pending, was at 114 days in June which is 20 days less than the 134 days recorded a year ago and equal to days recorded the prior month.
Click here to download a PDF document with a detailed graphical breakdown of the numbers for all MLS areas in the Portland metro area.