March Residential Highlights
New listings in the Portland metro area saw a slight gain compared to last year this March. At 3,648 for the month, new listings edged 1.2% over the 3,604 new listings offered last year in March 2017 and were 44.2% warmer than last month in February 2018 (2,530). This was the best March for new listings in the area since 2010, when 4,987 new listings were offered.
Closed sales (2,371) were 4.9% cooler than the 2,494 closings recorded in March 2017 but ended 31.3% warmer than the 1,806 closings recorded last month in February 2018. Pending sales fared similarly, cooling 4.9% from March 2017 (3,043) despite a 23.8% increase over the 2,337 offers accepted last month in February 2018.
Inventory in the Portland metro area decreased slightly to 1.6 months in March, with total market time decreasing to 55 days. There were 3,844 active residential listings in the metro area in March.
Average and Median Sale Prices
Comparing the average price of homes sold in the twelve months ending March 31st of this year ($435,000) with the average price of homes in the twelve months ending March 2017 ($404,200) shows an increase of 7.6%. In the same comparison, the median has increased 8.8% from $353,800 to $385,000.