Portland Metro Real Estate Market Trends June 2019
After a slow winter and uneven spring, the Portland metro real estate market trends are revealing a steadying market, with a few bursts of summer-time energy. Home sellers and buyers are adjusting to the changing, more balanced market we're now seeing, and the lower interest rates are a welcome bonus.
There were 6,735 active residential listings in the Portland metro area this June. Inventory rose slightly to 2.4 months and total market time decreased to 42 days in the same period.
Year to Date Summary Activity is mixed so far in 2019 compared with 2018. New listings (22,599) are up 2.4%, while pending sales (15,956) are down 2.1% and closed sales (13,842) are down 4.8%.
Pending sales saw the sole gain this June in the Portland metro area. At 3,083, pending sales rose 0.8% compared with June 2018 (3,059) despite decreasing 6.3% from last month in May 2019.
YTD pending sales are up in N and NE Portland, flat/even in the Beaverton, Forest Grove, and Hillsboro areas, while behind LY in the higher priced areas of Lake Oswego, West Linn, and NW Washington Co.
Closed sales performed predictably, ending 6.4% under the 2,946 closings recorded in June 2018 and 7.2% below the 2,969 closings from May 2019. While closed sales are off 4.8% YTD this year over last year, expect that gap to be reduced somewhat by the end of the year.
When comparing the average and median prices through June for 2019 to 2018, the average sale price has increased 0.7% from $453,400 to $456,700, and the median sale price has increased 1.8% from $400,000 to $407,000.
Thanks for reading...Portland Metro Real Estate Market Trends June 2019
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