Our local multiple listing service (RMLS) released their real estate market statistics for July covering the Portland metro area. Based on the latest data the market presently continues to be a sellers market but the winds of change are starting to blow stronger. While inventory remains in relatively short supply with 2.1 months worth, its as high as the measure has been since February 2015.
Comparing market activity to a year ago, pending sales were down 8% while closed sales were up 1% and active listings was up 8%. The median sale price of $395,000 in July was up 11.3% from the year prior and represents another record high.
Within the tri-county area (Clackamas, Multnomah & Washington) home inventory is currently lowest in Beaverton/Aloha (Area 150) at only 1.5 months and highest in Lake Oswego/West Linn (Area 147) at 3.0 months. The lowest median sale price is currently in Gresham/Troutdale (Area 144) at $315,000 and the highest is $622,500 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 33 days in July which is 1 day more than the 32 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.