Scouting Report: Hot, but Not on Fire - Scout Realty Co.

Scouting Report: Hot, but Not on Fire

As we move into summer, the Portland market continues to show signs of seasonal gains. Despite the obvious increased activity, the heavy competition and borderline chaos we’ve been experiencing feels like its calming. Houses are certainly moving and numbers are up from the start of the year, but are only marginally stronger than this time last year. New listings are up since April by 15.5% and up 9.4% from this time last year.  This was the strongest May for new listings since 2008 which is great to see since we’ve been waiting (and waiting) for more inventory. Although closed sales are slightly down (2.7%), the number of pending sales is up 5.8% from last month, but up a really nominal .4% since this time last year. Market time continued to fall in May and currently stands at 67 days. If you’ve been waiting for the market to cool out just a tad, now just might be your time.
 Overall Sales Activity:
  • The number of closed sales drooped slightly to .9% (9,772) from the same period last year.
  • The number of new listings this year are up 3.2% (16,077) from the first five months of last year.
  • Pending sales in 2014 are down 2.7% (11,852) from this same period in 2013.

Overall Prices in Portland Metro

  • Average sales through the end of May 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.

Interest Rates:

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

North: 206 houses for sale. 114 sold in May at an average price of $304,200, with average 52 days on the market.
Northeast: 418 houses for sale. 220 sold in 
May at an average price of $360,600, with average 56 days on the market.
Northwest: 302 houses for sale. 133 sold in 
May at an average price of $399,000, with average 57 days on the market.
Southeast: 592houses for sale. 300 sold in 
May at an average price of $307,000 with average 45 days on the market.
Southwest: 737 houses for sale. 276 sold in 
May at an average price of $463,500, with average 57 days on the market.

Data Source: RMLS