Portland Real Estate Market Report- March 2017

Spring in the Portland Real Estate Market is underway and March proved to be in like a lion. Roaring in with over 4,988 new residential listings, proving itself as the strongest March since 2010! The Portland condo market showed some strength in March with closing out pacing active listings and the median sale price jumped from a little under $250,000 in February to near $300,000 in March!  Overall March beat out February numbers, which signals that the spring real estate market in Portland is underway.

Closing sales in the Portland real estate market was 49.4% higher than February (1,669) ending with a final number of 2,494 closed sales. 2017 is still having a hard time beating the hot Portland real estate market of 2016, falling short in closing by 1.1%.

Closings
March 17’ – 2,494
March 16’– 2,565
Feb 16’ – 1,669

Pending sales had a 28.5% increase over February 2017 ending with 3,043.  Similar to closing sales, March of 2017 came up short in beating out March 2016 by 1.1%.

 Pendings
March 17’ – 3,043
March 16’–3,076
Feb 17’ – 2,369

New listings beat out March 2016 by 5.7%, with 3,604 new residential listings in the Portland Metro area. February was beat out by March 2017 by 43.0%. This is good news for buyers who have been experiencing a difficult time in the real estate market.

New Listings
March 17’ – 3,604
March 16’– 3,409
Feb 17’ – 2,521

 

March  2017 Portland Housing Market By the Numbers

Total days on the market decreased in March by four days from, 62 days ending at 58 days on the market for a home in the Portland Real Estate Market. A decreased happened in the months of inventory from 1.9 in February to 1.3 month of inventory in March 2017, which stayed on track with months of inventory of residential properties for March 2016.  In active residential listing in the Portland Metro area, ending with 3,313, that was higher than February 2017, 3,109.

A place where 2017 is beating out 2016 in the Portland Real Estate market is in housing prices. The average price of a home that has sold in the last 12 months increased by 12.0%  ending at $404,300 and March 2016 ended with $361,000. Median sale price had an increase from $315000 to $353,500 and increase of 12.2%.

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

Neighborhood                                     Total of Active Listings                 Total Market time

North Portland                                                115                                              47 days
Northeast Portland                                        249                                              50 days
Southeast Portland                                        291                                              40 days
West Portland                                                 419                                              52 days

 Median Sales Prices for March 2017 for the Portland Metro are as listed below…
$560k- West Portland
$533k- Lake Oswego/West Linn
$405k- Tigard/Tualatin/Sherwood/Wilsonville
$402.5k- North Portland
$391,5k  NE Portland
$355,5k- Oregon City/ Canby/ Molalla/ Beavercreek
$339,5k- SE Portland
$333,1k- Hillsboro / Forest Grove
$326k- Beaverton/Aloha
$303k- Gresham/Sandy/Troutdale/Fairview
$266,5k- Milwaukie/Gladstone

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

 

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Thinking about Buying a home in the Portland Metro area? Search now to find your Home.