Portland Real Estate - How's the Market March 2019
March brought some gains to the Portland metro area, but all measures were cooler than last year in March 2018. There were 3,504 new listings, a 43.4% increase over February 2019 (2,444) but new listings fell 3.9% short of the 3,648 new listings offered last year in March 2018.
Pending sales (2,738) ended 5.4% below the 2,894 offers accepted last year in March 2018 but rose 24.0% over the 2,208 offers accepted last month in February 2019.
Closed sales, at 2,183 in March, fared similarly, ending 7.9% below the 2,371 closings recorded in March 2018 but rising 26.5% from last month in February 2019 when 1,726 closings were recorded.
Inventory decreased to 2.2 months in March, with total market time decreasing to 68 days. There were 4,808 active residential listings on the market in the Portland metro area this March.
Comparing the average price of homes sold in the twelve months ending March 31st of this year ($452,700) with the average price of homes in the twelve months ending March 2018 ($434,800) shows an increase of 4.1%. In the same comparison, the median has increased 3.9% from $385,000 to $400,000.
We're off the seasonal bottom that occurs in December/January each year. Now that the spring market is underway, the next two months will confirm if the typical strong upward trend continues.
The total number of listings is higher than last year, offering a wider selection. However, the number of new listings is slightly below last year. Inventory in months dipped to 2.2 months supply in March, down from 2.7 months in February.
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