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 a sellers market. Inventory remains in short supply with only 1.9 months worth. It is up slightly from last month as well as from last February 2016 when 1.8 months was recorded.
Comparing market activity to a year ago, pending sales were down 15% while closed sales were down 8% and active listings decreased by 4%. The median sale price of $353,400 in February was up 12.2% from the year prior. Overall, prices have been hovering in the $350k’s since last July.
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 Lake Oswego/West Linn (Area 147) at 3.2 months. The lowest median sale price is currently in Gresham/Troutdale (Area 144) at $287,300 and the highest is $563,000 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, increased to 62 days in February which is only 2 days more than the 60 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.