Portland Real Estate Market Report- May 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 May and last until about mid- October. The numbers in May reflect that the summer heat up maybe under way, however indicators are pointing out that the summer of 2017 will not be as hot and sizzling as 2016.

In May 2017, the number of residential listing that have closed in the month ending at 2,896 tied May 2016 numbers. The number of closings also beat out April 2017 closings by 30.5%.

Closings
May 17’- 2,896
May 16’- 2,896
April 17’ – 2,219

Pending sales in the real estate market in Portland for May rose above April’s number by 11.2% however it did not beat pending sales from May 2016, down by 3.6%.

Pendings
May 17’- 3,435
May 16’- 3,563
April 17’ – 3,088

New residential listing that hit the Portland real estate market in May were strong with over 4,388! That beat May 2016 5.9% and also beat out last month’s number by 16.7%. It was the strongest offering of new listings since May 2008 with 5,128

New Listings
May 17’- 4,388
May 16’- 4,144
April 17’ – 3,759

 

May 2017 Portland Housing Market By the Numbers 

In the Portland real estate market, the days a residential listing is on the market ended at 39 days, that is down 3 days from April’s 42. May also showed a decrease of Months of inventory from April 1.7 to May 1.5 months of inventory. As mentioned above the overall real estate activity in the Portland metro area is down from 2016, here are the current numbers.
Listings: 3.4%
Pendings: 7.8%
Closed: 5.4%

Although overall Listings, Pending and Closing are down from 2016. Housing prices in the Portland Metro are continuing to climb. May 2016 to May 2017 residential home prices increased 10.7% to $423,800 from $383,000. The median sale price is also up 10.7%  finishing the month at $370,000.

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

Neighborhood                                     Total of Active Listings                 Total Market time
North Portland                                                164                                              28 days
Northeast Portland                                        303                                              27 days
Southeast Portland                                        431                                                   28 days
West Portland                                                 606                                              44 days

 

Median Sales Prices for May 2017 for the Portland Metro are as listed below…
$548k- Lake Oswego/West Linn
$527k- West Portland
$426,8k  NE Portland
$425k- Tigard/Tualatin/Sherwood/Wilsonville
$403k- North Portland
$384k- Milwaukie/Gladstone
$355k- SE Portland
$351,8k- Beaverton/Aloha
$349,9k- Oregon City/ Canby/ Molalla/ Beavercreek
$345k- Hillsboro / Forest Grove
$312,5k- Gresham/Sandy/Troutdale/Fairview

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

 It is still a Sellers’ 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.