Portland Oregon real estate market makes comeback thanks to high demand

Posted by Ken Miller on Friday, September 11th, 2020 at 8:42am

August Portland Residential Highlights: According to the Regional Multiple Listing Service new listings (3,885) increased 3.4% from the 3,757 listed in August 2019, and decreased 8.3% from the 4,236 listed in July 2020. Pending sales (3,697) increased 26.2% from the 2,929 offers accepted in August 2019, and increased 1.1% from the 3,656 offers accepted in July 2020. Closed sales (3,149) increased 8.5% from the 2,901 closings in August 2019, and decreased 7.1% from the 3,391 closings in July 2020.
Inventory and Total Market Time: Inventory increased to 1.3 months in August. Total market time decreased to 41 days.

Year to Date Summary: Comparing the first eight months of 2020 to the same period in 2019, new listings (27,379) decreased 10.1%, pending sales (22,455) increased 4.0%, and closed sales (19,683) decreased 1.1%.
Average and Median Sale Prices: Comparing 2020 to 2019 through August, the average sale price has increased 4.8% from $458,900 to $481,000. In the same comparison, the median sale price has increased 4.9% from $410,000 to $430,000.

 

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