Portland Metro: May Real Estate Market Report

May Residential Highlights
New listings ticked upward in the Portland metro area this May. At 4,388 strong, new listings outpaced May 2016 (4,144) by 5.9% and April 2017 (3,759) by 16.7%. This was the strongest May for new listings in the area since 2008, when 5,182 new listings were offered.

Closed sales (2,896) exactly matched May 2016 and showed a 30.5% increase over last month in April 2017.

Pending sales, at 3,435, fell 3.6% shy of the 3,563 offers accepted last year in May 2016 but still outpaced last month, April 2017 (3,088), by 11.2%. Total market time decreased by three days in May, landing at 39 days. During the same period, inventory edged downward to 1.5 months.

Year to Date Summary
Activity has been cooler so far in 2017 compared to 2016. New listings (16,696) are down 3.4%, closed sales (11,510) are down 5.4%, and pending sales (13,469) are down 7.8%.

Average and Median Sale Prices
Prices continue to rise in the Portland metro area. Comparing 2017 to 2016 through May, the
average sale price rose 10.7% from $383,000 to $423,800. In the same comparison, the median sale price rose 10.7% from $334,200 to $370,000.