Portland Metro Real Estate Market Update ending March 2024

Portland Metro Real Estate Market Update ending March 2024

New Listings Overview

The real estate market saw a slight decrease in new listings this March with 2,425 homes entering the market, down 7.5% from March 2023's total of 2,623. However, this represents a significant increase of 16.3% compared to February 2024, when there were only 2,085 new listings.

Trends in Pending Sales

March 2024 experienced a modest rise in pending sales, with 2,138 agreements made, up 2.8% from March 2023's 2,079. This increase is more pronounced when compared to February 2024, which saw a substantial 22.7% jump from 1,742 pending sales.

Closed Sales Analysis

Closed sales have declined, with 1,578 transactions completed this March—a 9.6% decrease from the 1,745 closings in March 2023. Nevertheless, there was a notable improvement of 22.9% from February 2024, which had only 1,284 closings.

Inventory and Market Duration

The inventory of available homes dipped to 2.3 months as of March, while the total market time extended to 91 days, indicating a slower pace in moving properties off the market.

Year-to-Date Performance

Comparing the first quarter of 2024 with the same period in 2023, new listings slightly rose by 1.9% to 6,513, pending sales dropped by 3.2% to 5,189, and closed sales decreased by 6.1% to 4,076.

Sale Prices

From a pricing perspective, the average sale price for homes has climbed by 2.1% year-over-year, reaching $578,800 up from $567,100 in 2023. The median sale price also saw an increase, rising 2.0% to $525,000 from the previous year's $514,900.

This summary offers a snapshot of the shifting dynamics in the residential real estate market as we move through 2024, reflecting both challenges and growth opportunities.