The Portland real estate market is buzzing with activity as we head into the summer months! Here’s a detailed look at the latest trends and what they mean for buyers and sellers in our vibrant region.
New Listings on the Rise May 2024 saw a significant increase in new listings, with 3,508 homes hitting the market. This is an 8.3% rise from the 3,240 listings in May 2023 and a 12.4% jump from April 2024’s 3,120 listings. If you’re thinking about selling, now might be the perfect time to list your home as more sellers are eager to capitalize on the current market conditions.
Pending Sales: A Mixed Bag Pending sales, which reflect offers accepted on homes, totaled 2,363 in May 2024. This marks a slight 0.7% decrease from the 2,379 pending sales in May 2023. However, there’s a silver lining: pending sales have increased by 2.2% from the 2,313 offers accepted in April 2024. This indicates that while year-over-year comparisons show a slight dip, month-over-month data suggests growing buyer interest.
Closed Sales Surge Closed sales, or completed transactions, reached 2,140 in May 2024. This represents a 6.6% increase from May 2023’s 2,008 closings and an impressive 13.6% rise from the 1,883 closings in April 2024. For sellers, this uptick in closed sales could mean faster transactions and a robust market.
Inventory and Market Time Inventory levels decreased to 2.3 months in May, signaling a tighter market. Concurrently, the total market time has increased to 86 days, indicating that while homes are staying on the market longer, the overall supply is still limited. Buyers can expect to have some negotiation leverage with longer market times, but should act swiftly due to the limited inventory.
Year-to-Date Snapshot Comparing the first five months of 2024 with the same period in 2023 reveals some interesting trends:
- New listings have increased by 6.8%, totaling 13,237.
- Pending sales have dipped slightly by 0.7% to 9,579.
- Closed sales have inched up by 0.4% to 8,211.
Rising Prices The average sale price from January to May 2024 has risen by 2.2%, from $588,200 to $601,200. The median sale price has also seen an increase, up 1.9% from $525,000 to $535,000. This growth underscores the enduring strength and resilience of the Portland real estate market.
If you’re thinking about changing things up and moving, chat with a local pro (that’s us!). We’ve got the inside scoop and can guide you through the whole buying or selling journey.
HERE is a link to the full market report provided by RMLS
Pro Tip: Gains in home value year-over-year offset the delta between the historically-low interest rates experienced in the pandemic era, and the interest rates available now. Metaphorically speaking, the best time to plant a tree is 20 years ago.
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