The Portland Real Estate Market appears to be gaining some momentum. Both year-over-year and month-over-month statistics show strong gains in inventory. May 2024 shows an 8.3% increase in listing inventory over May 2023–a significant uptick–which we’re feeling in the market. The pressure is not as emotional across the board as it has been, but that’s not to say the market isn’t volatile. That certain property, in the right condition, the right location, at the right price, still makes hearts pound. So, if you’re contemplating a sale, making it sparkle will pay off!
The good news continues as May 2024 new listings are up 12.4% over April 2024. Pending sales continue the upward trend, though not as impressive as new listings and closed sales, which are slightly down year-over-year, reflecting last year’s lower inventory. Comparing April 24 to May 24, we see that uptick in activity on the rise. An increase of 2.2 % month over month is worth noting. Let’s keep watching performance as we move into summer 2024.
In even more good news, May 2024 closed sales are up a whopping 13.6% over April 2024. Comparing closed sales to new listings for 2024, the delta is telling: demand remains strong and persistent. Median sales price, another indicator we watch closely, shows a year over year increase of 2.2%. Simply put, the market is trending up, the effects of which we can see in the increase in days on market (currently 86). More inventory equals more time on the market.
What does it all mean? The real estate market is rarely predictable. Forecasting is always backward-looking, which means knowing, understanding, and evaluating the pace and pulse of the Portland real estate market can only happen on the ground in real-time. As always, we’re here to help. We’ll make sure you’re hip to all the breaking Portland Real Estate news! Please stay in touch. Call, text, or email—we always love to connect!