July 2012 Portland Market Action

14 07 2012

Sales numbers are up over last year and last month again both in the pending sales category and the closed sales category. They are also up month-over-month from June 7%, and for the year 14% for closed homes. Pending homes are 21% higher than this month last year and down -3.4% from last month.

Prices are up again since last month, 8.6% in the median sale price and 4.6 in the average sale price. The average sales price from last month is .99% and median is 3.2%.

It is building for sure. Low inventory definitely makes the prices rise. There is no doubt about it. Will this be another increase anomaly? Hard to say. This is definitely a market where the buyers still hold weight compared to 2005, Except when the properties are the top of their class. Then, you will find multiple offers for sure in the right neghborhoods.

Predictions for the next few months…
o Inventory will drive up the median sales price again slightly.
o The S&P Case-Shiller report will also reflect this.
o Inventory will either stay flat or go down. With it this low, It is unpredictably going to go up or down just slightly.
o Sales numbers may also increase or decrease with economic instability, the election, and new listings going down. They are down 1.8% from last month and 6.8% from last year. “Will they ever stop going down?”

Compared to Last Year
Inventory down to 3.9 months.
Closed sales up 14.6%.
Pending sales up 21.7%
New listings down 6.8%.

Compared to Last Month
Closed sales up 7%
Pending sales down 3.4%
New listings down 1.8%

Market Action July 2012RMLS MARKET ACTION JULY 2012
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