The Portland Metro Residential Market Action report is a monthly review provided by the RMLS, a database where real estate agents are required to post home listings for the region. The Portland summer market is heating up with a 23.3% increase in closed sales compared to April. This was the strongest May for closings since 2006. Also compared to April, we saw a 2.3% increase in average sales price the number of new listings increased by 16.4%. Two important data points from the report that I’d like to point out are inventory levels and median home selling price. These metrics can help you decide the best time to buy or sell.
Inventory levels are a leading indicator of market strength. Inventory levels for May were reported at 2.1 months, meaning if no new homes came on the market, it would take 2.1 months until inventory sold out completely (at the current rate of sales). Traditionally, many economists consider 6 as a “neutral” or “balanced” market, with anything lower than 6 being a seller’s market, and anything higher than 6 being a buyer’s market. However, for the Portland Metro market, many agents are feeling a shift towards a buyer’s market – even with inventory levels being so relatively low.
Median Home Selling Price
The median home price for May 2019 was reported at $420,000, a 3.7% increase from April. Lake Oswego and West Linn continue to report the highest median home selling price at $605,000.
Here’s what median home sale prices looked like across Portland city proper:
West Portland: $555,000
North Portland: $408,000
NE Portland: $490,000
SE Portland: $381,000
May 2019 Report Takeaways
May continued to bring in new listings, which is consistent with Oregon’s seasonal uptick in real estate activity. For the next couple months, expect to see an increase in the total number of closed homes and many new active buyers, leading to an overall steady level of inventory. Now is a great time to sell as more buyers enter the market and we don’t expect to see much appreciation for the foreseeable future. If you’re looking to buy, you can take advantage of historically low interest rates, steady prices, and seasonally higher inventory.
Please reach out to me if you’re interested in learning more about the Portland Metro real estate market. I can be reached anytime via email (firstname.lastname@example.org) or call/text (503-545-5094). You can also stay in touch by following us on Instagram and Facebook!