June Real Estate Market Numbers

June Real Estate Market Numbers

The spring real estate frenzy has settled down quite a bit. This is generally what we expect this time of year, but this year nearly all the markers of a busy market are down. Compared to June of last year, New Listings are down almost 5%; Pending Sales are down 6%; Closed Sales are down 7.6%; and inventory is up by almost a third.  All of this points to a market that’s slowly correcting from some of it’s fervor in the last few years. Despite this, prices are still rising, albeit slower than in the past. For the month of June the Median Sale Price for the metro area increased 7.2%. In the last three Junes (2017, 2016, and 2015) the Median Sale Price had increased by 7.7%, 15.7%, and 10.3% respectively. Despite the market cooling, inventory is still very low at only 2.1 months. A balanced market is considered 6 months, so despite the increase in inventory, it is still a sellers’ market.

Like we saw last month, NW and SW Portland saw the most activity with over 300 homes selling in June, but with a Median Sale Price just over half a million ($510,000), prices only increased 3.94% over last year. Conversely, SE Portland, with a Median Sale Price of $363,000, saw prices rise almost 10% last month. These higher inner-Portland prices continue to fuel activity outside the urban core where Columbia County, Yamhill County, and Gresham/Troutdale continue to see prices rise as a result (up 11.7%, 10.7% and 10.7%, respectively).