Portland Real Estate Market Report- August 2017


Photo by Zach Savinar on Unsplash

Summer ended in the Portland Real Estate market with the same mix activity that kicked off the summer real estate season. There were some positive notes; however it has become apparent that 2017 summer numbers in the real estate market will not beat 2016 numbers in area of Closing, Pending and New Listing. The one area that continues to beat out 2016 real estate numbers in the Portland Metro area is prices, they continue to show a climb upwards.

In the Portland real estate market the number of closed residential listings increased by 1.1% from last year 2016. It also jumped 8.6% from the previous month.

Closings
August 17′ – 3,034
August 16’ – 3,001
July 17’ – 2,793

Residential homes in the Portland area that became pending in August barely beat out July numbers by 1.1%. However it fell short of beating out August of 2016 by 7.6%.

Pendings
August 17’- 3,072
August 16’- 3,325
July 17’ – 3,040

Residential Listings in the Portland metro real estate market that went on the market in August was under July 2017 and August of 2016 numbers both by 3.7%.

New Listings
August 17’- 4,048
August 16’- 4,203
July 17’ – 4,202

August 2017 Portland Housing Market By the Numbers-
In the Portland housing market inventory decreased from 2.1 months on the market in July to 2.0 months on August. Average days on the market increased to 34 days in August from 33 days in July 2017. As of the end of August 2017 there were over 5,940 active residential listings in the Portland Metro area. As with last month the activity in 2017 has shown cooling form the hot real estate market we saw last year. Thus far in 2017 in the Real Estate market in the Portland Metro area-
New listing: Down 2.6%
Pending: Down 7.6%
Closings: Down 2.7%

Prices however are showing no downturn thus far, from August 2016 to 2017 the average sales price rose 9.3% from $392,600 for a home in the area to $429,000. Median sales price rose 10.7% from $343,200 to $379,900.

Where are the most Active Listings in Portland for August 2017?
Neighborhood Total of Active Listings Total Market time

North Portland                                                      248                         25 days
Northeast Portland                                              477                          27 days
Southeast Portland                                              612                           31 days
West Portland                                                       766                          45 days

Median Sales Prices for August 2017 for the Portland Metro are as listed below…
$612K- Lake Oswego/West Linn
$482,5k- West Portland
$415k- Tigard/Tualatin/Sherwood/Wilsonville
$410k- North Portland
$409k- NE Portland
$390k- Milwaukie/Gladstone
$380k- Oregon City/ Canby/ Molalla/ Beavercreek
$355k- Hillsboro / Forest Grove
$354k- Beaverton/Aloha
$349,9k- SE Portland
$321k- Gresham/Sandy/Troutdale/Fairview

Portland Metro Area Real Estate Market August 2017 Report Click Here
Vancouver & SW Washington Real Estate Market August 2017 Report Click Here

Real estate is always shifting and adjusting- The seasoned agents at Taylor Group Realty are aware of the market and are prepared for anything that could happen in the future.
Contact us to get a FREE market analysis to see how much you can sell your home for in this market. Now is the time to List your house