The average home sale price for the Portland Metropolitan area continued to increase this May, climbing 1.3% to $504,465 (from $497,997 in April).
Nationally, the housing market did the opposite. April’s national average dropped to $368,300 (from March’s average of $385,400), which remains over $100,000 less than what we are seeing in our markets. May’s national averages are not yet out, as the Hasson Company collects its own data to provide you with the most current and relevant market update each month.
May proved to be a very busy month on the real estate front. The number of new listings (increased 17.9%), the number of homes sold (increased 33.2%) and the number of homes pending (increased 14.4%) all increased compared to last month. This increase in market activity was part of a larger trend. According to Javier Vivas, manager of Economic Research at realtor.com, in a recent RISMedia article, “last month [May] there were more prospective buyers, and homes are selling more quickly than during any other May since the recession.” He went on to say that, “this is officially the most competitive, fastest-moving spring housing market in decades.”
Unsurprisingly, when comparing our local market to May of last year we found that new listings and homes sold have both saw an increase this past month (8.7% and 3.2% respectively). And, while the number of homes pending has gone down, it’s only by 0.7%.
Home inventory has stayed low at 2.2 months and continues to remain much lower than the national average of 3.7 months in April.
The Tigard and Wilsonville area continue to produce the most new listings at 348, but Southeast Portland holds onto the most sold homes (231) once again.