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2015-08-14 12:14:49
Portland Real Estate Market Action

Portland Real Estate Market Update - Latest Figures

The RMLS report is out for the Portland Real Estate market with numbers and stats for July, showing another record month in sales and an increase in home prices (click to find price changes in your city).

Portland Real Estate, Home Sales and Prices

The inventory of homes for sale is close to the lowest for the year, at 1.7 months. Time on the market, related to this inventory, went up slightly and is at 45 days.

Number of homes sold or closed sales went up 4.5% from last month, marking a record in RMLS history. Year over year, the figure is up 29% compared to last July, showing again a strong real estate market in Portland.

Pending homes for sale were lower by 3%, comparable to July 2005.  This might signal some slowing in sales, as the market tends to do in mid summer months. 

Average home sale price rose 6.1% from last July to $351,600, a healthy increase. Median home sale price for Portland rose as well, a comparable 7%, to $304,900.

This market report confirms the trend for Portland real estate in 2015, with home price increases, high demand for homes in 'close-in' areas like NE Portland, Sellwood, Mt Tabor and North Portland, short 'active' time on the market and, as a result, low inventory of homes for sale. 

To conclude, sellers still control the market in Portland, with signs of a possible slow down of sales. Price appreciation on track to reach 8 to 9% for the year. Inventory low for now and going into fall, at least compared to past years. 


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