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 really short supply with only 1.9 months of inventory which is down from the prior month and down from the 3.1 months reported during last March 2014.
Comparing market activity to a year ago, pending sales were up 34% and closed sales were up 32% respectively while active listings were down 18%. The median sale price of $290,000 in March was up 4.5% from last March.
Within the tri-county area (Clackamas, Multnomah & Washington) home inventory is currently lowest in Beaverton/Aloha (Area 150) at only 1.1 months and highest in Lake Oswego/West Linn (Area 147) at 2.9 months. The lowest median sale price is currently in Gresham/Troutdale (Area 144) at $235,000 and the highest is $422,500 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, decreased to 75 days in March which is 10 days less than the 85 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.