February 2024 Market Update for Portland Metro

The Portland metro real estate market continues to display intriguing dynamics as we delve into the latest statistics for February 2024. With data reflecting new listings, pending sales, closed sales, inventory levels, and sale prices, we gain valuable insights into the current state of affairs in this vibrant real estate landscape.

New Listings

In February 2024, the Portland metro area witnessed a significant surge in new listings, totaling 2,085. This figure marks an impressive 18.2% increase from the 1,764 listings recorded in February 2023. Additionally, there was a notable 7.4% uptick from the 1,941 listings in January 2024. This influx of new listings indicates a robust level of activity within the market, providing prospective buyers with an expanded array of options to consider.

Pending Sales

Pending sales also experienced positive momentum during February 2024. With 1,742 offers accepted, there was a modest 2.3% increase from the 1,703 offers accepted in February 2023. Moreover, there was a substantial 16.8% surge from the 1,492 offers accepted in January 2024. This upward trend in pending sales suggests a healthy level of buyer interest and engagement within the market, foreshadowing potential growth in closed transactions in the coming months.

Closed Sales

While closed sales demonstrated resilience, the numbers showed a slight decline in February 2024. With 1,284 closings, there was a 10.5% decrease from the 1,434 closings recorded in February 2023. However, this figure also represents a notable 14.6% increase from the 1,120 closings in January 2024. Despite the dip in closed sales compared to the previous year, the market remains active, with fluctuations likely influenced by various factors such as seasonal trends and economic conditions.

Inventory and Time on Market

Inventory levels continued to tighten in February 2024, with a decrease to 2.8 months. This suggests a competitive market environment, characterized by limited supply relative to demand. Additionally, the total market time increased to 89 days, reflecting a balanced pace of transactions as buyers and sellers navigate the market conditions.

Year-to-Date Summary

A comprehensive overview comparing the first two months of 2024 to the same period in 2023 reveals intriguing trends. New listings surged by 8.5%, reaching 4,042, showcasing sustained market activity and growth. However, pending sales experienced a slight dip, decreasing by 6.9% to 3,161, signaling potential fluctuations in buyer demand. Similarly, closed sales saw a marginal decline, dropping by 4.1% to 2,433, highlighting the nuances of market dynamics over time.

Average and Median Sale Prices

In terms of sale prices, the Portland metro area witnessed positive trends through February 2024. The average sale price increased by 3.2%, rising from $553,300 in 2023 to $571,100 in 2024. Similarly, the median sale price saw a 3.8% increase, climbing from $500,000 to $519,000. These upward movements in sale prices reflect the enduring appeal and value of real estate within the Portland metro area, making it an attractive destination for buyers and investors alike.

In conclusion, the Portland metro real estate market remains dynamic and resilient, characterized by a healthy influx of new listings, positive trends in pending sales, and steady growth in sale prices. While fluctuations in closed sales and inventory levels underscore the ever-evolving nature of the market, the overall outlook remains optimistic. As we navigate the months ahead, continued monitoring of market indicators will be essential for stakeholders to make informed decisions and seize opportunities in this thriving real estate landscape.

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