The Portland real estate market continues to show improvement, according to the recently released RMLS statistics. We've been seeing pretty big increases in activity; the amount of pending and closed sales. There were 21.7% more accepted offers in June 2012 than in June 2011, though 3.4% less than in May 2012. Similarly, closed sales were up 14.6% in June 2012 when compared to June 2011, and up 7.0% higher in June 2012 than in May 2012.
Prices are showing slighter and slower gains, but are showing gains, nonetheless. The median sales price rose 8.6% when comparing June 2012 to June 2011, with the median price in the Portland area being $242,000 as compared to $222,900 in June 2012.
Inventory, the number of homes available on the market, continues to decline such that we now have only 3.9 months of inventory. That is, at our current rate of sales, it would take 3.9 months to sell all available properties. This is the lowest our inventory has been since March, 2007. Slowed foreclosures may in part be responsible for this dearth of houses. In addition, there are many folks who would like to sell, but can't or don't want to sell short. They are reluctant landlords, while waiting for the market to recover. Depending on when they bought, there could be a bit of a wait.
In the coming months, I expect we'll see some 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 Portland area Market Report from RMLS
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