MARKET UPDATE: February 2012

RMLS of Portland Market Action Report February 2012

February Residential Highlights
“While there were fewer active and new listings on the market, sales activity in Metro Portland showed an improvement in both pending and closed sales in February 2012. Also notable in February was a decrease in inventory, down from 7.0 last month and the lowest February inventory since 2007. Closed Sales were up 17.5% in February 2012 compared to February 2011. Pending sales grew 32.5%, and new listings dropped 13.6%. Comparing the previous month of January 2012 with February 2012, closed sales grew from 1,224 to 1,262 (3.1%). Pending sales also increased from 1,823 to 2,109 (15.7%). New listings dropped from 2,613 to 2,492 (-4.6%).“
Sale Prices
“Average sale price for February 2012 rose 4.3% compared to February 2011. Median sale price fell 1.3%. Month to month, comparing January 2012 to February 2012, average sale price went up from $249,100 to $255,100 (2.4%) and the median sale price rose from $207,500 to $211,000 (1.7%).”

To view the full RMLS Market Action Report For February 2012 – Click Here

If you’d like to find out more about the Portland real estate market on market conditions in your neighborhood please contact me at 503.477.0759 or browse my website at www.RuthPriceProperties.com
Thank you for visiting – Ruth Price

January 2012 Residential Highlights

“The year has started off on a positive note. Sales activity in the Portland metro area continued to show improvement in closed and pending sales when comparing this January to the same month a year ago. Closed sales experienced a 18.3% increase, posting the highest numbers for January since 2007. Pending sales saw growth of 22.4% in the same comparison. Market time also improved, decreasing from 160 to 136 days. There were 16.5% fewer newly listed residential properties. The combination of higher sales and fewer new listings helped to create a much lower listing inventory for this season than seen in the previous two years. At January’s rate of sales, the active listing count of 8,514 would be exhausted in only 7.0 months.” [RMLS Market Action Report - Click here for full report]

If you’d like market conditions specific to your neighborhood please contact me at 503-497-5328 or via my website at www.RuthPriceProperties.com

May 2011 Portland Real Estate Market Snapshot

The Portland housing numbers are in for the month of May 2011 and it’s mixed news…

The great news…. pending sales for May 2011 compared to May 2010 are up 45.1% and inventory hit the lowest level {6.8 months} since 2009! The good news…. month over month April 2011 to May 2011 average sales prices have remained about the same.

The bad news….  May 2011 compared to May 2010 the average sales price declined by 4.8% and closed sales were down by 15%.

For Buyers and Sellers currently in the market a low inventory means more competition. We’re seeing multiple offers on properties that are in good locations, great condition and are priced correctly for the market. With interest rates at an all time low it’s good news for Buyers trying to get into good homes and Sellers that need to sell in the next few months. 

If I can help with any of your real estate needs or answer any questions please email me at price@windermere.com  Thanks – Ruth Price {Real Estate Broker} Please keep in mind that the real estate market in Portland, OR is highly localized and prices and market conditions vary widely. You can contact me if you’d like detailed information for a specific neighborhood.

Statistics were obtained from RMLS Market Action Report – May 2011. To access a copy along with detailed information – Click Here 

May 2011 Residential Highlights

May 2011 Inventory Levels