Our local multiple listing service (RMLS) released their real estate market statistics for April covering the Portland metro area. Based on the latest data the market continues to be in really short supply with only 1.8 months of inventory which is down slightly from the prior month and down from the 2.8 months reported during last April 2014.
Comparing market activity to a year ago, pending sales were up 28% and closed sales were also up 28% respectively while active listings were down 20%. The median sale price of $301,300 in April was up 7.6% from last April.
Within the tri-county area (Clackamas, Multnomah & Washington) home inventory is currently lowest in Beaverton/Aloha (Area 150) at only 1.0 months and highest in Oregon City/Canby (Area 146) at 2.5 months. The lowest median sale price is currently in Gresham/Troutdale (Area 144) at $239,900 and the highest is $469,900 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 61 days in April which is 16 days less than the 77 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.