Portland market action report

June Residential Highlights                        

The Portland metro area saw an uptick in new listings this June. The 4,501 new listings were a 5.2% increase over June 2015 and a 8.6% increase over last month in May 2016. It was the strongest June for new listings since June 2008, when 5,213 were offered for the month. 

Closed sales (3,158) outpaced May 2016 (2,896) by 9.0%, but showed a 4.4% decrease compared to last year in June 2015 (3,302). 

Pending sales (3,390) were cooler in June, falling 6.0% short of June 2015 (3,605) and 4.9% short of May 2016 (3,563). Inventory edged higher in June to 1.5 months. Total market time decreased to 33 days. There were 4,762 active residential listings in the Portland metro area this June.

Year to date summary

Activity has been mixed in 2016 compared to 2015. Closed sales (15,468) are up 2.2%. New listings (21,903) are down 0.3% and pending sales (17,857) are down 2.2% for the year thus far.

Average / Median Sales Price                

Prices continue to rise in the Portland metro area. Comparing 2016 to 2015 through June, the average sale price rose 11.8% from $347,900 to $388,800. In the same comparison, the median sale price rose 13.3% from $300,000 to $339,900.

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