Portland Market Update May 2024

May 2024 Real Estate Market Update

The real estate market in May 2024 witnessed a mixed performance, with some indicators showing positive trends while others remained challenging. Here’s a breakdown of the key statistics:

Inventory Levels

The inventory of available homes remained tight, with only 2.3 months’ worth of supply, a slight decrease of 0.1 from April but an increase of 0.4 compared to the previous year. This scarcity of listings continues to put upward pressure on prices and favors sellers in the market.

New Listings

There was a notable increase in new listings, with 3,508 properties hitting the market, a 12.4% rise from April and an 8.3% increase compared to the same period last year. This influx of new inventory could potentially alleviate some of the supply constraints in the coming months.

Active Listings

The number of active listings also saw a significant uptick, reaching 5,009, a 9.9% increase from April and a substantial 29% jump compared to the previous year. This growth in available properties could provide more options for buyers actively searching for homes.

Prices

The average sales price climbed to $629,000, a 1.6% increase from April and a year-over-year rise of 1.6%. Similarly, the median sales price rose to $558,500, up 2.9% from April and 1.5% higher than the previous year. These figures indicate that home prices continue to trend upward, albeit at a slower pace compared to recent years.

Pending and Closed Sales

Pending sales, which represent properties under contract, reached 2,363, a 2.2% increase from April but a slight 0.7% decline compared to the previous year. Closed sales, on the other hand, saw a significant boost, with 2,140 transactions completed, a 13.6% jump from April and a 6.6% increase from the same period last year.

Days on Market

Properties spent an average of 86 days on the market, an increase of 3 days from April and a substantial 46-day rise compared to the previous year. This extended marketing period could be attributed to the higher prices and potentially more cautious buyer behavior.

Overall, the May 2024 real estate market exhibited signs of increased activity, with more new listings and closed sales compared to the previous month. However, the tight inventory levels and rising prices continue to pose challenges for buyers, while the slower pace of price appreciation and increased marketing times could signal a gradual shift towards a more balanced market.