Our local multiple listing service (RMLS) released their real estate market statistics for February covering the Portland metro area. Based on the latest data the market continues to be in short supply with only 3.0 months of inventory which is down from the prior month and down from the 3.9 months reported during last February 2014.
Comparing market activity to a year ago, pending sales were up 37% and closed sales were up 12% respectively while active listings were down 14%. The median sale price of $285,000 in February was up 2.2% from last February.
Within the tri-county area (Clackamas, Multnomah & Washington) home inventory is currently lowest in North & NE Portland (Areas 141 & 142) at only 1.8 months and highest in Lake Oswego/West Linn (Area 147) at 4.2 months. The lowest median sale price is currently in Gresham/Troutdale (Area 144) at $236,500 and the highest is $472,000 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, decreased slightly to 81 days in February which is 19 days less than the 100 days recorded a year ago.
Click here to download a PDF document with a detailed graphical breakdown of the numbers for all MLS areas in the Portland metro area.