With the recently released stats for March 2014, we see the Portland market continues to suffer from low inventory, with only 3.1 months of houses on the market. At our current rate of sales, it will take 3.1 months to sell all the properties on the market. We haven't seen lower inventory since July of 2013. And this, with a 31.3% increase in new listings from the month before.
Activity, that is the number of pending and closed sales, is down a bit. Pending sales were up 37.1% from February, but down 3.6 % from March of 2013. Similarly, closed sales rose 26.6% from February, but were down 4.0% from March 2013. Remember, February had that snow storm, which slowed our business.
Our market time got a tad shorter in March; 85 days vs. 100 days in February. March 2013 had a market time of 112 days. But, looking at pending and closed sales in the Cleveland and Grant High School areas, I see median days on market of seven days for days for houses with pending sales and 12 days for houses with closed sales. Wow.
The median year to date sales price is $271,600, up 9.9% from the median year to date sales price in March 2013 of $247,100.
Good houses are still in short supply, and potential buyers are out in force. We are in, what is usually, the peak of our active market time. By mid-June, we can start to see some summer slowing; school is out and vacations start. Give me a call if you are planning to sell this year and we can map a plan. Thinking of buying? Better get started on that loan pre-approval.
Read the full report for the Portland Metro Area
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