This is this market report from RMLS we've been expecting. Pending sales are up both from April 2012 ( 4.1%) and from April 2011, a whopping 18%! Closed sales are up 7.6% from March 2012, and 13.1% from March 2011. Portland area real estate agents have been busy as heck the last several weeks. It is nice to see the numbers bear out what we've been seeing and thinking.
For the past several years we've been telling our seller clients it might not be the best time to sell. You listened. We don't have enough houses to sell! New listings are down and sales are up, leaving us with only 4.7 months of inventory to sell at our current rate of sales. This is the lowest # since June 2007. No wonder most houses new to the market bring several offers in their first week.
Prices? When comparing home prices year to date this year and last, there is less than a 1% difference in both median and average sales price. The Portland area median price , year to date, is $216,200. The average price for the same time period was $254,600. Our market time for homes sold in April 2012 was 123 days, compared to 153 days for April 2011.
So, shorter market time, fewer houses to sell, more houses pending and more houses sold. Minuscule price fluctuation. Um. If you have been thinking about selling, this would be a good time. hint hint.
Full RMLS report.
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