The RMLS just released the statistics for the month of September, and they reflect what we've been seeing in my office. We continue to see increases in activity; the amount of pending and closed sales. There were 10.6% more accepted offers in September 2012 than in September 2011. Though we are seeing a bit of seasonal slowing with 13.8% fewer pending sales, in September 2012 than in August 2012. Similarly, closed sales were up 19.4% in September 2012 when compared to September 2011, but down 18.0% from August 2012.
Prices continue to show gains. The median year to date sales price rose 3.8% when comparing September 2012 to September 2011; $230,420 compared with a median year to date sales price of $222,000 in 2011.
Inventory, the number of homes available on the market, is bumping along, slightly higher in September 2012 at 4.6 months than August's low of 3.9 months. That is, at our current rate of sales, it would take 4.6 months to sell all available properties. This is still quite low, with a balanced market thought to be somewhere around 6 months. We continue to see multiple offers and very short market times for well priced properties in good condition.
So far in October, we are seeing the predicted seasonal slowing. Indeed, most of my current buyer clients right now are investors. Still reasonable prices, low interest rates, Portland's low vacancy rates and dismal investment returns from other investment vehicles, make buying that rental house or plex kind of attractive. In addition, buyers who REALLY want to be in their new homes by Christmas are pretty motivated too.
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 RMLS market report.
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