August saw slight cooling to Portland’s real estate market compared to July, but remains very strong compared to the same month last year. Closed sales (2,623) decreased by 5.2% compared to July (2,766), but represent the best August for closed sales in Portland since 2006 when there were 2,939!
New listings, at 3,423, were down 11.7% in August from the previous month, but up 10.5% over August 2012.
Pending sales (2,614) decreased 4.5% from 2,738 in July. This showed a 9.5% increase over the 2,387 offers accepted in August 2012.
Inventory has increased slightly and currently sits at 3.1 months. Total active listings rose between July and August. At the end of August, there were 8,003 active residential listings on the market.
There have been 19,891 accepted offers and 18,231 closed sales in 2013, up 16.3% from 17,105 pending sales and 18.4% from 15,402 closed sales in the same period last year. The 26,850 new listings so far this year represent a 10.7% increase from the 24,262 entered the first eight months of last year.
Average and Median Sale Prices
The average sales price so far this year is $309,200, up 14.1% from the same period in 2012, when the average was $271,100. In the same comparison, the median price increased 15.2% from $230,000 last year to $265,000 thus far in 2013.
Information and Statistics provided bt - RMLS