May RMLS Market Analysis

May RMLS Market Analysis

The Portland Real Estate market saw some strong numbers last month. After a strong April, we saw that momentum continue into May with new listings and closed sales up over last year by 5.1% and 5.9%, respectively. The Median Home Price also increased by 2.7% over last year to $420,000 — the highest we’ve ever seen in the Portland Metro Area.

The amount of time it takes a home to sell increased quite a bit over this time last year, (from 37 days to 48 days) but that’s not surprising as the Total Market Time has been significantly higher this year than last. If we compare May’s Total Market Time to last month, it has actually decreased by 9.4%, which is a reflection of the seasonal increase in activity we see this time of year — there are more people out shopping for homes in the spring, so they are selling more quickly. This is also reflected in the change in inventory compared to last month, which decreased slightly to 2.1 months. While inventory is still higher than this time last year (by about 1 week), at 2.1 months it’s still reflecting a buyer’s market.

Looking forward, a strong increase in New Listings this month means we’re likely to see another month of higher closed sales next month. We also expect to see the Median Home Price continue to rise next month as it tends to peak each year in June or July.