RMLS Market Numbers – May

New listings continue to rise in the Portland Metro area (up over 16% from last month) – the most new listings for May since 2008 – but pending sales and completed transactions (closed sales) increased as well, causing inventory to decrease almost 12% to 1.5 months. A “stable market,” is considered to be 6 months of inventory, anything lower is a seller’s market, anything higher is a buyer’s market; so the seller’s market continues in and around Portland. As with months past, prices continue their march upward with the Median Sale Price topping out at $388,000 across the metro area.

Median home prices in North and NE Portland continue to inch upward with NE Portland increasing 10.4% to an even $400,000 and North Portland increasing 10.7% to $395,400 over the same period last year. And, as in previous months, buyers and increasing prices are being pushed farther and farther out. In April the largest price increases came in Hillsboro/Forest Grove, Mt. Hood, and West Portland (both 13.6%). Compared to North, Northeast, and Southeast Portland that all saw gains of 11% or less.

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