PORTLAND REAL ESTATE MARKET - APRIL 2024

In April, the real estate market continued its upward trajectory with promising numbers across the board. New listings surged by an impressive 28.7% compared to March, showcasing a remarkable 17.6% increase from the same time last year, indicating a robust influx of properties hitting the market. Pending sales and closed transactions also saw healthy upticks, with increases of 8.2% and 19.3%, respectively, compared to the previous month. There was a slight increase in inventory, which rose by 0.1 month, indicating strong buyer demand to swallow up a significant amount of the additional 28.7% increase in listings. Interest rates continue to hover around 7% and buyer are ready to move forward with more choices, a moderate interest rate, and a desire to purchase before prices rise even more as the median sales price has increased 2.5% since April of 2023 and home prices are expected to continue to appreciate. The average sales price was up 4.8% in April compared to March. Homes are selling faster with a market time improvement of 8 days from March to April, but the modest 83 average days on market is still giving buyers plenty of opportunity to shop. May really seems to be heating up as our team just pended 3 of our listings and 4 buyers in the last seven days alone! As we move forward, we expect the market to continue to build as we move towards the summer peak selling season!