February Real Estate Market Numbers

February was a fairly steady month for the Real Estate market in Portland. After the large rebound we saw in January, February held steady with new listings and pending sales staying basically even compared to both last month and last year. Closed sales increased by almost 11% – a result of the large increase in pending sales we saw in January. The increase in closed sales coupled with essentially no change in new listings caused the inventory to drop from 2.2 months to 1.9 months – a difference of about 9 days; this helped push total market time up to 69 days across the metro area.

When we look at close-in Portland, the trends we’ve seen the last few months continue. Prices are still increasing, but not as quickly as last year and the outer areas are still outpacing the urban core in price increases, though not median prices. The largest increases are still coming outside the urban core with Mt. Hood (+13.4%), Columbia Co. (+11.5%), and Gresham/Troutdale (+11.2%) increasing the most and West Portland (+3.5%), Lake Oswego/West Linn (+4.8%), and Oregon City/Canby (+6.2%) increasing the least.

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