Our local multiple listing service (RMLS) released their real estate market statistics for May covering the Portland metro area. Based on the latest data the market continues to be in really short supply with only 1.7 months of inventory which is down slightly from the prior month and down from the 2.8 months reported during last May 2014.
Comparing market activity to a year ago, pending sales were up 19% and closed sales were up 18% respectively while active listings were down 25%. The median sale price of $313,000 in April was up 7.9% from last May.
Within the tri-county area (Clackamas, Multnomah & Washington) home inventory is currently lowest in North & NE Portland (Areas 141 & 142 at only 1.0 months and highest in Lake Oswego/West Linn (Area 147) at 2.7 months. The lowest median sale price is currently in Gresham/Troutdale (Area 144) at $244,000 and the highest is $468,000 in NW Washington County (Area 149).
Average days on market, the period of time from when a property goes on the market to when it goes sale pending, decreased to 55 days in May which is 12 days less than the 67 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.