Portland Real Estate Market Report- July 2017

The Portland Real Estate numbers for July have been released. It is becoming a fairly good bet that in 2017 overall in the Portland Real Estate Market will not surpass 2016 hot real estate numbers. This could be a sign that the Real Estate Market in the Portland Metro area is seeing a cooling from last summer hot market and/or the market is starting to plateau. The rest of the year numbers will be a good indicator of what is ahead for the real estate market in the Portland area for 2018 and where the shift in the market is happening.

Closing residential sales in the Portland Metro real estate market for July turned down slightly 12.4% from last month. And barely beat July 2016 numbers by 0.6%.

Closings
July 17’ – 2,793
July 16’- 2,776
June 17’- 3,187

Residential homes in the real estate market had less pending in July 2017, falling short 7.9% of July 2016 numbers and 6.6% short from last month.

Pendings
July 17’ – 3,040
July 16’- 3,302
June 17’- 3,254

In the Portland real estate market new listing showed a downturn from July 2016 by 3.9% and an 11.3% loss from June 2017.

New Listings
July 17’ – 4,202
July 16’- 4,372
June 17’- 4,739

July 2017 Portland Housing Market By the Numbers

Even with the down numbers in the overall market in the Portland Metro area, days on the market of a residential listing went down to 33 days from 38. Months of inventory did jump from 1.6 in June to 2.1 months of inventory ending in July. The last time the real estate market was around 2 months of inventory was last year in September/October of 2016. Thus far in 2017;

New listing: Down 2.4%
Pending: Down 7.6%
Closings: Down 3.3%

Even with the overall down stats for 2017 thus far, prices continue to rise. From July 2016 to July 2017 the average sale price in the Portland Metro real estate market rose 9.3%, in terms of prices they went from $391,600 in July 2016 to $428,000 in July 2017. That is also $1,000 price increase from last month that ended at $427,000 for the average sale price for Real Estate in the Portland Metro area. The median sale price rose 11.2% from $340,000 to $378,000.

Where are the most Active Listings in Portland for July 2017?
Neighborhood Total of Active Listings Total Market time
North Portland                                         245                    43 days
Northeast Portland                                 458                     28 days
Southeast Portland                                 572                     26 days
West Portland                                          787                    40 days

Median Sales Prices for July 2017 for the Portland Metro are as listed below…
$622,5k- Lake Oswego/West Linn
$515k- West Portland
$430k- NE Portland
$415k- Tigard/Tualatin/Sherwood/Wilsonville
$395k- Oregon City/ Canby/ Molalla/ Beavercreek
$389,9k- Milwaukie/Gladstone
$375k- North Portland
$360k- SE Portland
$359,3k- Beaverton/Aloha
$353k- Hillsboro / Forest Grove
$315k- Gresham/Sandy/Troutdale/Fairview

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