Scouting Report: Portland When it Sizzles - Scout Realty Co.

Scouting Report: Portland When it Sizzles

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The Portland market just wrapped up its strongest June for closed sales since 2007! Not that we’re surprised to hear that bit of good news. We’ve said it before (and here we go again!), competition has been pretty fierce and inventory remains low. Great houses in desirable neighborhoods don’t stay on the market very long. We are still living a seller’s dream in Portland! June closed sales were up 4.7% and pending sales were up 5.7% from June of last year. While the number of new listings in June was up 8.7% from June 2013, new listings were down 2.7% from this past May. Total market time dipped to 59 days. We’ve still got a lot of summer left and it’s never too late to dip your foot into the real estate market!
Overall Sales Activity:
  • The number of closed sales last month was up 4.7% (2,511) from June of last year.
  • The number of new listings were up 8.7% (4,078) from last June, but were down 2.7% from May.
  • Pending sales went up 5.7% (2,965) from this same period in 2013.

Overall Prices in Portland Metro:

  • Average sales through the end of June was $327,200 – up 9.1% from $299,900 for the same period the year prior.
  • Median price is up 10.1%, rising from $253,000 at the close of May last year to $278,500 for the same period this year.
  • Inventory has remained stable for the 3rd consecutive month and currently sits at 2.8 months.

Interest Rates:

  • Rates are holding steady at 4.25% for 30-year, fixed, conventional with excellent credit

North: 223 houses for sale. 132 sold in June at an average price of $293,900, with average 36 days on the market.
Northeast: 481 houses for sale. 246 sold in 
June at an average price of $357,100, with average 45 days on the market.
Northwest: 292 houses for sale. 122 sold in 
June at an average price of $415,800, with average 45 days on the market.
Southeast: 654houses for sale. 298 sold in 
June at an average price of $306,300 with average 46 days on the market.
Southwest: 792 houses for sale. 299 sold in 
June at an average price of $467,900, with average 45 days on the market.

For Erin’s full report, click here!

Source: RMLS