July 2016 real estate activity numbers are in for the Portland Metro Area. Inventory has crept up to a whopping 1.9 months in July. As you likely know, this means that if not a single additional property went on the market, it would take 1.9 months to deplete the current inventory. As a reminder, a well-balanced market contains about six months of inventory. The last time the Portland market had anything close to 6 months of inventory was back about February 2012. And the last time we had over 2 months of inventory was February of 2015.
July 2016 was an active month. There were 4,372 new listings to the market throughout the metro area, while 3,302 listings went pending and 2,776 listings sold.
By the month’s end, there were 5,360 active listings to choose among in the metro area. Total days on the market decreased to just 32 days. There are still a number of “hot” neighborhoods where listings sold in less than a week, if not in a matter of hours. We remain a strong seller’s market with plenty of willing buyers, and not enough inventory to satisfy need. For those who are paying attention, the average sales price for the metro area is currently $391,600, compared to $351,600 in July of last year.
July 2016 Residential Single Family Real Estate Data*:
|
Active Listings |
New Listings |
Expired Listings |
Pending Sales |
Closed Sales |
Average Sales Price |
Total Market Time |
|
| N Portland |
161 |
165 |
35 |
123 |
111 |
$371,800 |
16 days |
| NE Portland |
367 |
399 |
65 |
289 |
217 |
$429,500 |
24 days |
| SE Portland |
563 |
535 |
82 |
371 |
313 |
$384,100 |
25 days |
| W Portland |
659 |
467 |
77 |
330 |
268 |
$587,200 |
26 days |
*Source: RMLS Market Action Report (July 2016)
I provide regular updates on market statistics to show you what is happening locally. Interested in learning more about your part of town?