Our local multiple listing service (RMLS) released their real estate Market statistics for March covering the Portland metro area. Based on the latest data the market continues to be a strong sellers market. Inventory remains in short supply with only 1.3 months worth. It is down from last month but even with last March 2016 when 1.3 months was recorded as well.
Comparing market activity to a year ago, pending sales were down 1% while closed sales were down 3% and active listings was flat. The median sale price of $370,000 in March was up 10.4% from the year prior. This represents a significant increase from the past 8 months in the $350’s.
Within the tri-county area (Clackamas, Multnomah & Washington) home inventory is currently lowest in Beaverton/Aloha (Area 150) at only 0.9 months and highest in Lake Oswego/West Linn (Area 147) at 2.4 months. The lowest median sale price is currently in Gresham/Troutdale (Area 144) at $303,000 and the highest is $560,000 in West Portland (Area 148).
Average days on market, the period of time from when a property goes on the market to when it goes sale pending, decreased to 58 days in March which is 7 days more than the 51 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.