The Portland market continues to suffer from low inventory, with only 2.8 months of houses on the market. At our current rate of sales, it will take 2.8 months to sell all the properties on the market. We haven't seen lower inventory since May of 2013. This, with listings up 15.5% from April 2014. As market times have decreased, the increased inventory is absorbed.
Pending sales were up 5.8% from April 2014, and just a 0.4% increase from May of 2013. Closed sales rose 15.9% from April 2014, but are down 7.4% from May 2013. Spring of 2013 was a kickass market, maybe even a bit too kickass. So being "flat" compared to last year is fine by me.
Our market time got a tad shorter in May; 67 days in April 2014 vs. 77days in May. May 2013 had a market time of 85 days.
The median year to date sales price is $278,500, up 10.1% from the median year to date sales price in May 2013 of $253,000.
So, prices continue to increase, we've had a slight increase in the number of houses on the market, but the pace of sales and number of active buyers make for a busy real estate industry. There is still a lot of cash in the market, making it harder for first time buyers, with low down payments, to compete.
There is still time to get your place on the market if you've been thinking of selling. Give me a call. 503-312-8038. Buyers, there is hope, with 2483 closed sales in Portland last month, clearly some folks are getting their offers accepted.
read the full Portland area report here