March Residential Highlights
The Portland metro area had a sunny month for new listings this March. At 3,604, new listings outpaced March 2016 (3,409) by 5.7% and February 2017 (2,521) by 43.0%. This was the strongest March for new listings in the area since 2010, when 4,987 were offered for the month.
Closed sales, at 2,494, similarly outpaced February 2017 (1,669) by 49.4% but still ended 2.8% cooler than in March 2016 when 2,565 closings were recorded for the month.
Total market time decreased by four days this March, ending at 58 days. Inventory decreased as well, ending at 1.3 months. There were 3,313 active residential listings in the Portland metro area this March.
Average and Median Sale Prices
Comparing the average price of homes sold in the twelve months ending March 31st of this year ($404,300) with the average price of homes in the twelve months ending March 2016 ($361,100) shows an increase of 12.0%. In the same comparison, the median has increased 12.2% from $315,000 to $353,500.