Recently there has been a lot of suggestion that the red hot Portland real estate market may be cooling down a bit. People feel like they are seeing less activity on the market, more houses available, etc. Is this true? Is the market finally levelling off? Or is this all just rumors?
Lucky for us, the May 2016 RMLS market action just released, and rather than take a blind guess at what’s actually going on in the market we can look at facts and data to find out, so let’s take a look at the data after the jump.
The numbers for April didn’t match some of the high month to month increases we’ve seen in recent years, but the numbers aren’t entirely flat.
The best news for buyers may be that average sale prices may be slowing down and they only increased by about $5,000 to $402,500. Compared to the last couple of months when average sale prices increased by over $10,000 each month. This may not be the greatest news for buyers, as this marks the first time ever that the average Portland home has cost over $400,000.
There was a small increase in new listings over April, but there was also a slight increase in pending sales over April, which means there is still only 1.4 months of available inventory in Portland. The small amount of inventory is likely impacting the still decreasing time on market, which fell to a three year low of just 37 days.
Heading into the typically busy summer, it would appear that the market may have reached a bit of a peak in terms of price, Is it a peak or just a point on an upward trend?