Experience Portland by PDX Home Group: Portland real estate market

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Monday, July 15, 2013

Portland Real Estate Market Update for June 2013

June Highlights
June brought slightly cooler real estate numbers in the Portland metro area. At 2,511, closed sales decreased 6.4% this month compared to the 2,682 in May, but showed an increase of 11.9% over last June’s 2,244 closed sales.

Pending sales (2,804) likewise decreased 5.8% compared to May (2,978), but represent an increase of 15.2% over June 2012. New listings numbered 3,751 this month—a 16.9% increase over last June, but a 2.1% drop from last month.

Average total market time continued to drop this month, landing at 70 days. Inventory has edged up just slightly, and currently sits at 2.9 months.

Year to Date Summary
There have been 14,835 accepted offers and 12,531 closed sales in 2013, up 17.3% from 12,647 pendings and 16.0% from 10,802 closed sales in the same period last year. The 19,403 new listings so far this year represent a 8.8% increase from the 17,835 entered the first half of last year.

Average and Median Sale Prices
The average sales price so far this year is $302,700, up 13.8% from the same period in 2012, when the average was $265,900. In the same comparison, the median price increased 14.2% from $225,500 last year to $257,500 in the first half of 2013.

Information Courtesy of RMLS

What to know what homes are selling for in your neighborhood?

Get your FREE market report at www.PDXHomeValue.com

Keller Williams Realty Professionals | 9755 SW Barnes Rd, Suite 560 | Portland, OR 97225

Thursday, April 18, 2013

Same ol' story, but it's a good one: Portland residential real estate highlights

Inventory in months is calculated by dividing the
activelisting at the end of the month in question
by the number of closed sales for that month.
Provided by RMLS Market Action

March Highlights:

Portland’s real estate activity continues to blossom. Both accepted offers and closed sales earned “Best March since 2007” honors. The 2,628 pending sales were 15.7% over the 2,272 entered in March 2012 and 23.4% higher than February’s 2,130 offers. Closed sales reached 1,935, which topped March 2012 sales of 1,694 by 14.2% and February 2013 sales of 1,376 by 40.6%.

There were 3,002 new listings entered in March, which was 4.0% more than March last year and 22.4% more than February’s 2,453 listings.

The increase in new listings was not enough to reverse the trend in active inventory, which crept down slightly to 6,207 listings. It would take only 3.2 months to exhaust the active inventory at the March rate of sales. This is lower than in any month since June 2006, when unsold inventory reached 2.6 months.

Activity in First Quarter 2013

The Portland Metro area real estate market is off to a good start in 2013. There were 6,466 accepted offers and 4,789 closed sales in first quarter 2013, both measures up 11.3% from 5,809 pending sales and 4,303 closed sales in the same period last year. The 7,963 new listings this year lag 1.3% from the 8,070 entered in first quarter 2012.

Average and Median Sale Prices

The average price in the first quarter this year was $290,300, up 15.3% from first quarter 2012, when the average was $251,700. In the same comparison, the median increased 16.6% from $212,000 last year to $247,100 in the first quarter of 2013.

What to know what homes are selling for in your neighborhood?

Get your FREE market report at www.PDXHomeValue.com

Keller Williams Realty Professionals | 9755 SW Barnes Rd, Suite 560 | Portland, OR 97225

Wednesday, March 13, 2013

Portland Home Prices On The Rise With Demand Remaining Larger Than Supply

February Highlights

Portland’s real estate activity remains solid. February’s closed sales were strong—at 1,376, closed sales represented the best February since 2008.

Pending sales increased this month by 11.8% from January 2013, to 2,130. This represents the best February since 2007, when there were 2,834 pending sales recorded.

There were also 2,453 new listings in February. This is virtually the same as January’s 2,438 listings, and only a 1.6% decrease from February 2012.

Courtesy of RMLS Market Action

Inventory

Active inventory continues at historic lows—unsold inventory remains low at 4.5 months. Market time also remains low. At 116 days, February’s total market time is about the same as it was in January, at 114 days.

Average and Median Sale Prices

The average sale price in February was $282,000, and the median sale price was $242,000.

Prices are on the rise in Portland Metro. Comparing the average price of homes in the twelve months ending February 28th of this year ($278,600) with the average price of homes sold in the twelve months ending February 2012 ($263,300) shows an increase of 5.8%. In the same comparison, the median has increased 8.5% to $238,500 in the last twelve months from $219,900 in the preceding twelve months.