RMLS™ Market Action Report for May 2016


It’s prime selling and buying time in the Northwest. The market in the Portland Metro area and Southwest Washington continues to be very active and competitive with rising median and average sale prices. Read on for some key highlights and facts from May 2016 activity.

Portland Metro

  • There were slightly less new listings (4,144) than there were in May of 2015 (4,161).
  • Closed sales (2,896) increased 10.9% over April (2,611).
  • Inventory remained the same as the previous months at 1.4 months*.
  • Home prices are still on an upward trend with the average sale price ($383,000) increasing by 11.9% over last year ($342,000). The median sale price rose 13.3% ($295,000 to $334,200).
  • Southwest Washington

  • This area of the Pacific Northwest saw gains across the board. Closed sales (762) increased 13.6% over May 2015 (671) and 9.3% ahead of April (697).
  • Inventory decreased to 1.7 months* from 1.8 months in April.
  • Home prices are still rising in Southwest Washington. The average home sale price ($318,800) rose 12.6% from last May ($283,000). The median sale price rose 10% (254,500 to $280,000).

    Ready to start your search for a home? Contact us today to get pre-qualified before you get started. We can help lay out your home financing options by getting to know you and your financial goals. Summit Mortgage Corporation always works to match you with the financing that best fits your needs.

    *Inventory in Months calculated by dividing Active Residential Listings each month by the number of closed sales for the month.

    All information provided by Market Action, a Publication of RMLS, The Source for Real Estate Statistics in Your Community.

    Leave a Reply