May 2024 Market Update for Portland Metro

Hey there, Portlanders! If you’re curious about what’s happening in our local real estate market, you’ve come to the right place. We've got some exciting numbers to share from the latest stats, and there's a lot to unpack. So, grab a cup of coffee and let's dive into the Portland metro real estate highlights for April 2024!

New Listings on the Rise

First up, new listings. In April, we saw 3,120 new homes hit the market. That's a hefty 18% increase compared to April last year, when 2,653 homes were listed. It's even more impressive when you consider it’s a 29% jump from March 2024's 2,425 new listings. Spring is definitely bringing some fresh inventory to the market!

Pending Sales Keep Climbing

Now, let’s talk pending sales. We had 2,313 homes go pending in April. That’s about a 7% increase from April 2023, and an 8% rise from March 2024. It seems buyers are eager to snag those new listings pretty quickly!

Closed Sales Surge Ahead

Closed sales are also on the up and up. In April 2024, 1,883 homes closed, marking a 10% increase from April last year and a substantial 19% rise from the previous month. More homes are making it to the finish line, which is great news for both buyers and sellers.

Inventory and Market Time

In terms of inventory, we’re seeing a slight increase, moving up to 2.4 months in April. This is a positive shift, indicating a bit more breathing room for buyers. Meanwhile, the total market time has decreased to 83 days, showing that homes are moving faster than before.

Year-to-Date Snapshot

When we look at the bigger picture, comparing the first four months of 2024 to the same period in 2023, we get a mixed bag. New listings have increased by about 7%, which is encouraging. However, pending sales have dipped slightly by 0.6%, and closed sales are down by 1.8%. This suggests that while more homes are coming onto the market, they’re not all closing as quickly.

Price Trends

Last but not least, let’s talk prices. Comparing the year-to-date figures of 2024 to 2023, the average sale price has nudged up by 2.4%, from $577,500 to $591,200. The median sale price has also seen a rise, up 1.9%, from $519,000 to $529,000. So, while prices are climbing, it’s a relatively modest increase, which might be a relief for potential buyers.

Final Thoughts

All in all, the Portland metro real estate market is showing some dynamic activity. With more listings, quicker sales, and prices holding steady, it’s an interesting time for both buyers and sellers. Whether you’re looking to buy your first home, sell your current one, or just keep an eye on the market trends, staying informed is key.

If you have any questions or need personalized advice, feel free to reach out. Happy house hunting!

Post a Comment