The Portland real estate market continues to show growth in pending and closed sales. Comparing this November to November 2011, there were 1,730 pending sales, a 2.7% improvement over the 1,685 offers accepted in the same month last year. The 1,733 sales were 13.9% higher than the November 2011 sales of 1,521. At 1,675, new listings fell 17.3% from 2,026 of last November. The low inventory shows no signs of abating: the 7,216 active residential listings would be exhausted in 4.2 months at the November rate of sales. Normal seasonal variations have appeared, with all activity categories showing declines from October to November.
Year-To-Date Trends
In the first 11 months of 2012, there were 30,964 new listings, 22,726 accepted offers, and 21,546 closed sales. Compared to the same period last year, new listings are down by 4.2% from the 2011 listingcount of 32,315; but pending sales are up 17.1% from 19,411 last year; and closed sales are up 19.9% from 17,968. Prices also continue to move upward. The average sale price so far in 2012 is $273,800, 3.9% higher than the average price of $263,400 in the same period last year, while the 2012 year-to-date median of $233,900 is 5.4% higher than the median of $221,900 last year. Total market time has dropped 21.5% from 143 days last year to 112 days for the first 11 months of 2012.
All content courtesy of Regional Multiple Listing Service
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