July 2011 Portland Market Action

16 07 2011

Prices went up month-to-month and down year-to-year.  Along with the record inventory low of 6 months, the best since July 2007, this is considered good temporary news.  The trend will be seen now for Portland in the Case-Shiller index too (which is a few months behind).  Average sale price for the year is down 2.7%, but for the month it is up 1.8%.  Pending sales are up 23.7% for the year and down 7.7% for the month.  The big deal is that new listings are down 22.4% over the year and 5.8% for the month which gives us a little shot in the arm for the inventory.

Inventory is a big deal in that it provides a balanced market for buyers and sellers.  With less to choose from, the buyers have to compete more and possibly pay closer to the listing price for some homes.  I say, some, because not all homes and areas are the same.  Real estate is local.  If you are on a busy street, this information doesn’t apply to you.  Busier streets take much longer to sell and at lower prices.  If you have a sleepy neighborhood street in a tighter inventory area like N. Portland (4.7 Months), NE Portland (4.1 months) or SE Portland (4.7 months) your home could fall in the good news category.

All in all, any good news is worth reporting.  It is one of the signs of recovery regardless of what the opinions say.  Numbers are indeed numbers and something is happening out there right now worth noting. 

Compared to Last Year

Inventory down 1.3 months.

Closed sales down 2.7%.

Pending sales up 23.7%

New listings down 22.4%.

 

Compared to Last Month

Closed sales up 12.4%

Pending sales down 7.7%

New listings down 5.8%

 

 

 

 

   July 2011 Market Action

 

Dustin Miller

Broker with The Realty Trust Group

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