March Residential Highlights
The Portland metro area saw some seasonal increases this March,but some numbers are cooler so far for the year to date. Closed sales
(2,565) were up 4.4% compared to March 2015 (2,457) and 41.5%
compared to February 2016 (1,813). The last March that closings were
more numerous was in 2007, when 2,775 closings were posted for the
Pending sales, at 3,076, rose 10.4% over the 2,786 offers accepted
last month in February 2016—but were 9.1% under the 3,384 offers accepted last year in March 2015. Similarly, the 3,409 new listings
rose 17.7% above the 2,896 new listings offered last month in February 2016 but were 5.2% cooler than in March 2015 when 3,596 new
listings were offered. Total market time in the Portland metro area decreased to 51 days this March, with inventory decreasing to 1.3 months. There are currently a total of 3,318 active residential listings in the Portland metro area.
Average and Median Sale Prices
Comparing the average price of homes in the twelve months ending March 31st of this year ($361,100) with the average price of homes sold in the twelve months ending March 2015 ($334,400) shows an increase of 8.0%. In the same comparison, the median has increased 9.0% from $289,000 to $315,000.
Source: RMLS (http://www.rmlsweb.com/v2/public2/loadfile.asp?id=8835)