Portland Market Report - March 2020

As we enter into a month of the COVID19 experience, buyers and sellers are increasingly curious about the state of market and where it is headed. Market reports are a useful tool for this. We can begin to review and interpret new data to help understand what is happening in the Portland area real estate market and make informed decisions for future planning. The following market report information comes from the Regional Multiple Listing Service (RMLS) for the month of March 2020.

Residential Highlights:

New listings, at 3,468, decreased 1.0% from March 2019 (3,504) and rose 25.7% from February 2020 (2,759). Pending sales (2,347) decreased 14.3% over the 2,738 offers accepted in March 2019, and fell 9.7% from the 2,598 offers accepted last month in February 2020. Closed sales (2,356) rose 7.9% from the 2,183 closings recorded last year in March 2019 and increased 24.2% compared with the 1,897 closings recorded last month in February 2020.   

Year to Date Summary:

Comparing the first three months of 2020 to the same period in 2019, new listings (9,041) have held steady, pending sales (6,935) increased 1.1%, and closed sales (6,048) have increased 10.5%.

Average and Median Sale Prices:

Comparing 2020 to 2019 through March, the average sale price has increased 4.1% from $443,500 to $461,600. In the same comparison, the median sale price has increased 5.1% from $395,000 to $415,000.

**Our team strives to provide accurate and helpful information as we navigate our changing world during the COVID19 pandemic. We are here to support you and bring ease to your real estate plans.