Portland Real Estate Market Report- June 2017

Portland Real Estate Market Report- June 2017

The end of spring has arrived in the Portland Metro Area and the real estate market is showing a slight improvement. If you have been following the Taylor Group Realty’s past blog post you know that the Portland real estate market has been a tad slower this year and has been unable to beat many of the records that were set in 2016. Many agents in the Portland Metro area will tell you that typically the real estate market in this area heats up in June and last until about mid- October. The numbers in June reflect that the summer heat up June under way, however indicators are pointing out that the summer of 2017 will not be as hot and sizzling as 2016.

The Portland real estate market closings shined in June 2017. Closings were up 10.0% better than May and is 0.9% higher than June 2016!

Closings
June 17’- 3,187
June 16’- 3,158
May 17’ – 2,896

Pending sales of residential homes in the Portland metro area ended at 3,254 pending listings and was unable to beat June 2016 numbers by 4.0%. In addition it feel short by 5.3% to May 2017.

Pendings
June 17’- 3,254
June 16’- 3,390
May 17’ – 3,435

In new Listings June was the strongest since 2008 when the Portland Metro area offered 5,213 listings. It beat out the high number of 2016 by 5.3% and compared to May it was up 8.0%.

New Listings
June 17’- 4,739
June 16’- 4,501
May 17’ – 4,388

June 2017 Portland Housing Market By the Numbers

The number of days on the market for a residential listing is ended at 38 days that is down one day from May’s number of 39. Months of inventory in the Portland real estate market up 0.1. Currently Portland has 1.6 months of inventory on hand, that up from June 2016 1.5 months and even to June 2015 at 1.6 months. As we mentioned last month, it appears that 2017 has been cooler than the sizzling real estate market of 2016, however numbers are still some of the highest since before the real estate market crash.

Listings: Down 1.8%
Pendings: Down 7.2%
Closed: Down 3.9%

A surprise to local Portland real estate agents is that even though the market is cooler than 2016, prices continue to climb! In May home prices ended at $423,800 and June rose 9.0% from June 2016 ending at $427,000.  The median sales price finished in May 2017 at $370,000. This month it rose 10.3% from June 2016 ending at $375,000.

Where are the most Active Listings in Portland for June 2017?

Neighborhood                                     Total of Active Listings                 Total Market time

North Portland                                                196                                              21 days
Northeast Portland                                        419                                               29 days
Southeast Portland                                        511                                                26 days
West Portland                                                 706                                               39 days

Median Sales Prices for June 2017 for the Portland Metro are as listed below…

$581,3k- Lake Oswego/West Linn
$486,3k- West Portland
$425k- Tigard/Tualatin/Sherwood/Wilsonville
$415,5k  NE Portland
$415k- Milwaukie/Gladstone
$391k- North Portland
$385k- Oregon City/ Canby/ Molalla/ Beavercreek
$360k- SE Portland
$353k- Hillsboro / Forest Grove
$350k- Beaverton/Aloha
$322k- Gresham/Sandy/Troutdale/Fairview

Portland Metro Area Real Estate Market June 2017  Report Click Here

Vancouver & SW Washington Real Estate Market June 2017  Report Click Here

It is still a Seller’s Market! If you are thinking about Selling your home Now might be the best time, 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.