Real Estate Market Conditions Portland Area for May 2020
May Residential Highlights
New real estate listings (3,419) decreased 30.3% from the 4,902 listed in May 2019, and increased 20.1% from the 2,847 listed in April 2020. Pending sales (3,112) decreased 5.5% from the 3,292 offers accepted in May 2019, and increased 52.5% from the 2,041 offers accepted in April 2020. Closed sales (1,963) decreased 33.9% from the 2,969 closings in May 2019, and decreased 2.6% from the 2,015 closings in April 2020.
Rents Continue Decline Nationally in May
National rents continued their downward trend in May, reaching their lowest year-over-year level since February 2011, according to the latest report from Yardi Matrix.
During what would typically be prime leasing season, rents decreased by 0.3 percent on a month-over-month basis.
Nationwide, rents have declined by $13 over the past two months, the company reported. What can you rent your home for?
Real Estate Sales Inventory and Total Market Time
Inventory decreased to 2.3 months in May. Total market time decreased to 38 days.
Comparing the first five months of 2020 to the same period in 2019, new listings (15,409) decreased 15.6%, pending sales (11,846) decreased 9.0%, and closed sales (10,173) decreased 7.4%.
Average and Median Sale Prices
Comparing 2020 to 2019 through May, the average real estate sale price has increased 2.8% from $452,700 to $465,600. In the same comparison, the median sale price has increased 4.1% from $402,400 to $419,000.