May 2020 Real Estate Market Statistics

The following is the latest Real Estate Market Statistics for May 2020.
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As we move through the year experiencing the impact of COVID-19, it is also important to review the month to month activity in the real estate market.  The activity slowed beginning around mid-March through mid-April, then began picking up again in many areas and in many price ranges. The May month to month statistics are a better reflection of the current market than the rolling average over a year. However, to really get a feel for what is happening in the market, one needs to delve deeper into price range and specific location to see what levels of activity are occuring.  In many areas, inventory of available homes is low, the supply of buyers is high, and multiple offers are received on available homes.  The lack of supply in many communities may be the primary factor in keeping home values high.

• Sales:   1,963 in May 2020 vs 2,969 last May:  -33.9%%
• Closed sales Decreased 2.6% from the 2,015 closings in April 2020

• Pending Sales:   3,112 in May 2020 vs 3,292 last May:  -5.5%
• Pending sales Increased 52.5% from the 2,041 offers accepted in April 2020

• New Listings:   3,419 in May 2020 vs 4,902 last May:  -30.3%
• New listings Increased 20.1% from the 2,847 listed in April 2020

• Average Sales Price:   $465,600 in May 2020 vs $452,700 last May:  2.8%
• Average Sales Price in April 2020 $465,200 - marginal change

• Total Market Time: 38 days in May 2020 vs 48 days last May:  -20.0%

• Inventory in Months: 2.3 months in May 2020 vs 2.1 months last May
• Inventory is slightly down from 2.4 months in April 2020

Inventory by Area:

• NW Washington County   2.80 months
• Beaverton/Aloha               1.44 months
• Hillsboro/Forest Grove     2.26 months