April Real Estate Market Numbers
- By Tim Pitts
- May 17, 2018
In the latest report from RMLS, nearly all the metrics we use to evaluate the real estate market were up. Compared to last year, new listings in the metro area increased by over 6%, pushing up inventory to 1.8 months (about 7½ weeks). Closed sales were also very strong in April - up nearly 14% over last year and 6.4% over last month. Pending sales were down slightly from last year (2.6%) and the average time on the market for a new listings was the same as last year - just 42 days.
The median home price in Portland continues its march upward - now at $405,000 for the month of April. This represents and increase of 5.2% over last year. While prices continue to increase, they are doing so at a slower rate than we’ve seen in the last couple years. In April of 2017 the median price was up 10% and in 2016 it was up over 16%. So the market appears to be reaching a place where its still a sellers’ market, but has less competition among buyers.
The softening of home prices only applies to the closer-in neighborhoods of Portland. The four quadrants of inner Portland all saw price increases under 8% this month (in West Portland the Median Home Price only increased 2.3%), while prices in Mt. Hood, Columbia County, and Gresham/Troutdale increased between 11% and 14%. Buyers that have been priced out of Portland appear to be moving to the outer areas.