The RMLS just released the statistics for the month of July, and holy cow, the market looks as busy as I 've been. We continue to see pretty big increases in activity; the amount of pending and closed sales. There were 23% more accepted offers in July 2012 than in July 2011, though 2.6% less than in June 2012. Similarly, closed sales were up 15.4% in July 2012 when compared to July 2011.
Prices continue to show gains. The median sales price rose 7.8% when comparing July 2012 to July 2011, with the median price in the Portland area being $245,000 in July 2012 as compared to $227,200 in July 2011.
Inventory, the number of homes available on the market, has increased a wee bit such that we now have 4.6 months of inventory. That is, at our current rate of sales, it would take 4.6 months to sell all available properties. This is the lowest our inventory in any July since July 2006.
In the coming months, I expect we'll see a wee bit of normal seasonal slowing in August and early September, followed by some healthy sales activity from mid-September to Thanksgiving. There are often pretty good deals to be had in the fall; folks who tried to sell in the spring, but somehow missed out. Getting a sale closed before the holiday can be sort of a last ditch effort. Many investors make a habit of buying in the fall. Similarly, buyers who REALLY want to be in their new homes by Christmas can be pretty motivated buyers.
I'd be glad to talk with you about what is happening in your neighborhood. Give me a call at 503-312-8038 or email me at leslievjones@gmail.com.
Read the full Portland report from RMLS.
