August Residential Highlights
The Portland metro area saw slightly cooler real estate activity in August, but all measures remain strong. Pending sales (3,347) ended 23.8% stronger than the 2,704 offers accepted in August 2014, although 4.2% lower than the 3,494 offers accepted last month in July 2015. The last August there were more pending sales in August for the Portland metro area was in 2005, when there were 3,771 offers accepted for the month.
Closed sales (3,098) fared similarly, 19.8% above the 2,586 closings posted in August 2014 but 10.3% under the 3,452 closings posted in July 2015. New listings, at 3,880, were 8.3% stronger than the 3,581 new listings offered last August but 9.2% lower than the 4,273 new listings posted last month in July 2015. Inventory rose slightly in August to 1.9 months. Total market time decreased slightly, to 41 days. There are currently a total of 5,837 active residential listings in the Portland metro area.
Year to Date Summary
Activity has been higher in 2015 than in 2014 across the board. Pending sales (24,784) are up 24.4%, closed sales (22,026) are up 21.8%, and new listings (30,314) are up 8.5% for the year thus far.
Average and Median Sale Prices
Prices continue to rise in 2015 compared to 2014. Comparing each year through August, the average sale price rose 6.2% from $332,600 to $353,200. In the same comparison, the median sale price rose 7.0% from $285,000 to $305,000