Inventory remains quite low. At our current rate of sales, it would only take us 1.7 months to sell all the homes currently on the market. This is for the whole Portland metro area. In Portland's close-in neighborhoods, inventory continues to be a real challenge. In the 97214 zip code, there are currently 19 houses on the market, ranging from $389,900 to $825,000, with a median price of $660,000. And in the 97232 zip code, there are currently 11 houses on the market, ranging from $349,000 to $849,000, at a median price of $669,950.
With short inventory comes shorter market times. In July, houses that closed had been on the market an average of 45 days, compared to 57 days in 2014. In Portland's east side neighborhoods we are seeing market times of 23 days in North Portland, 25 days in NE Portland and 32 days in SE Portland. These market times are from the time a listing becomes active in RMLS, until an offer is accepted and the listing status becomes pending.
We're doing a pretty large volume of business. July 2015 had the most closings of any July on record, with 3452 closings, up 28% from July 2014. Wow.
We're still seeing plenty of buyers entering the market as we head toward fall, and usually see a flurry of activity as the holidays draw near. If you've been thinking of buying or selling, there is still time to get it done before the end of the year. Get in touch and I'd be glad to outline first steps. leslievjones@gmail.com 503-312-8038
Read the full Portland report.
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