Metro Portland Market Report

While Metro Portland inventory is still low, it is on the rise, and at it’s highest since February 2015 with 2.3 months of inventory. A healthy market typically has 3-6 months of inventory. Total market time in September rose 3 days, up to 37 days. YTD activity has been slightly slower than 2016 with closed sales down 3.2% and pending sales down 7.2%.

The change in pace and added inventory is definitely welcomed by buyers. It wasn’t too long ago that if you had a client looking to buy at certain price points & neighborhoods, it would more than likely be pending in less than a week and if you didn’t get out to see it within the 1st couple of days of going live, you could miss out altogether!

Below are some examples of home sales broken down by zip code reflective of just how quickly things are still moving in the market.

Portland home sales by ZIP code

In the second quarter of 2017 in 97008, there were 100 sales, homes spent an average of 14 days on the market and the median sales price was $404,500.

Second quarter of 2017 in 97225, there were 108 sales, homes spent an average of 22 days on the market and the median sales price was $547,750.

Second quarter of 2017 in 97229, there were 408 sales, homes spent an average of 26 days on the market and the median sales price was $564,997.

Second quarter of 2017 in 97003, there were 134 sales, homes spent an average of 16 days on the market and the median sales price was $321,000.

Second quarter of 2017 in 97006, there were 202 sales, homes spent an average of 16 days on the market and the median sales price was $338,900.

Second quarter of 2017 in 97222, there were 129 sales, homes spent an average of 19 days on the market and the median sales price was $349,000.

Second quarter of 2017 in 97230, there were 174 sales, homes spent an average of 28 days on the market and the median sales price was $320,500.