Inventory in months decreased in August to 1.8.
Comparing the first eight months of 2022 to the same period in 2021, new listings (27,629) decreased 6.0%, pending sales (20,730) decreased 16.9%, and closed sales (20,434) decreased 11.7%.
Comparing 2022 to 2021 through August, the average sale price has increased 8.6% from $570,100 to $619,200. In the same comparison, the median sale price has increased 8.9% from $505,000 to $550,000.
Inventory decreased to 1.8 months in August. This is a number we pay close attention to as it tends to be a simple indicator of what the market is doing. Total average time on market increased to 28 days.
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The following summary shows the number of homes available for immediate purchase and occupancy. Portland Metro Market Action Addition: August 2022 Total Active Listings* Reported in Market Action: Less Listings with Purchase Contingencies*:
Readily Purchased Listings: 4,715
Less Listings with Purchase Contingencies*: 86
Readily Purchased Listings: 4,629
Percent of Total Active Listings: 98.2%
Less New Under Construction (not ready for occupancy): 342
Less New Proposed (not started): 122
Total Readily Purchased & Occupied Listing: 4,165
Percent of Total Active Listings: 88.3
Inventory in Months of Readily Purchased & Occupied Listings: 1.6