Our local multiple listing service (RMLS) released their real estate Market statistics for August covering the Portland metro area. Based on the latest data the market presently continues to be a sellers market overall with inventory at 2.3 months in August which is up from the 2.0 months worth recorded last August 2017. The inventory level went down just tick from the prior month of July.
Comparing market activity to a year ago, pending & closed sales were down 10% and 2% respectively while active listings was up 17%. The median sale price of $407,500 in August was up 5.8% from the year prior.
Within the tri-county area (Clackamas, Multnomah & Washington) home inventory is currently lowest in Beaverton/Aloha (Area 150) at only 1.4 months and highest in West Portland (Area 148) at 3.9 months. The lowest median sale price is currently in Gresham/Troutdale (Area 144) at $345,000 and the highest is $604,300 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 30 days in August which is 6 days more than was 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.
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