New Listings & Pending Sales In Portland Housing Market Continue to Drop Off

Happy Presidents Day everyone!

Taking a look at the daily numbers for today we’re still seeing a measurable, albeit expected drop off in pending sales and new listings. Pending sales which were averaging around 55 a day are now barely averaging around 40 per day:

 

 

 

 

 

 

 

 

New Listings aren’t dropping at such an obvious rate as you see above with pending sales, however they are still declining:

 

 

 

 

 

 

 

 

New listings look to be dropping off from an average of close to 80 a day to more around 60 per day, however we did have a Valentines Day spike of 107 new listings though.

Currently the number of residential home listings on the market in the Portland area are at 4,235 as of today. Again, these are residential listings only, currently active (not pending), in the Portland metropolitan and surrounding areas (west to Forest Grove, south to Woodburn, north to the Columbia, and east to Welches/Government Camp – roughly, per RMLS “Areas”).

Closings are remaining fairly steady at an average around 40 per day, however with pending sales dropping off and inventory likely to shrink a bit before the seasonal spring increase, expect to see a bit of a dip in closings in the coming weeks.

Scott McDonald

Everything. Portland. Real Estate. Blog.

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