Seasonal Slowing? I don't think so.

Wow, none of that seasonal slowing for Portland real estate.The RMLS just released statistics for the month of October, and the numbers are quite good. We continue to see increases in activity; the amount of pending and closed sales.  There were 15.9% more accepted offers in October 2012 than in October 2011. From September 2012 to October 2012, pending sales increased by 5.8%.   Similarly, closed sales were up 42.9% in October 2012 when compared to October  2011, and up 11.0% from September 2012..

Prices continue to show gains.  The median year to date sales price rose 3.8% when comparing October 2012 to October 2011; $232,500 compared with a median year to date sales price of $221,000 in 2011. 

Inventory, the number of homes available on the market, fell to a new low of 3.8 months.   That is, at our current rate of sales, it would take 3.8 months to sell all available properties.  This is 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 November, we are seeing the some seasonal slowing.  Buyers tiring of fighting for the few good houses on the market are taking some time off for the holidays.  Beleaguered buyers are tiring of multiple offer situations and are resorting to sweetening their offers by waiving inspections, giving earnest money up front directly to the sellers, and of course making cash offers over list price.

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.  If you've been thinking of selling, we expect the strong buyer demand to surge at the beginning of the new year.  

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.