Portland Metro Real Estate Activity in August 2014

As it typically does this time of year, activity cooled down in the month of August. While the numbers did sink a bit lower than July, they still remained higher than this month last year.

courtesy of RMLSweb.com

courtesy of RMLSweb.com

Here are some of the highlights from the latest report:

In August 3,581 new listings were added, bringing the current number of active residential listings in the Portland Metro to 7,784.  These new listings mean a 9.4% decrease from July, yet a 4.6% increase over the previous August.

The average sales price grew 3.4% over last August, while dipping 3.5% from this July. The average sales price for August was $340,000. Last year in this month it was $321,900 and this July is was $344,700.

2,586 Portland Metro homes closed this August, down 1.4% from this month last year, and down 3.4% from this July.

Inventory levels remain virtually the same as the previous month at 3.0 (up form 2.9) months inventory (homes on the market).

Total market time  is 63 days, dropping 8.1% from the previous August, but up 10.6% from July.

Some key points from these stats are:

The average sale price rose 5.6% higher than last year in this month. Also, for the first eight months of this year, average sales price is up 7.6% for the same time period in 2013.

While the activity was a bit quieter this last month, activity this year has been generally up from last year. So far, new listings and pending sales are up from 2013.

Read the full report here

Thinking about selling your house? Now is a great time to do just that! Contact Urban Pacific Real Estate for more information.

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