Our local multiple listing service (RMLS) released their real estate market statistics for July today covering the Portland metro area. Based on the latest data the market, while still strong, cooled down a little from the prior two months. 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 dropped to 4.6 months worth in July. This compares to 7.0 months worth of housing inventory a year ago. Unsold inventory levels ticked up about 1/2 month in July from the 3.9 months recorded in the prior month of June.
Comparing market activity to a year ago, pending and closed sales were up 23% and 15% respectively while active listings are down 24%. The median sale price ($245,000) in July was up 7.8% from last July as well as up 1.2% from the prior month of June. The median sale price has now risen six 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 NE Portland (Area 142) at only 2.9 months and highest in Oregon City/Canby (Area 146) at 6.7 months. The lowest median sale price is currently in Gresham (Area 144) at $185,000 and the highest is $402,500 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 100 days in July which is 32 days less than the 132 days recorded a year ago and down 14 days from the 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.