February 2013 Portland Metro Market Action

15 02 2013
Storm seemingly over

Storm seemingly over

Well, the big news in Portland is not sales price, as those who are “in” the market know right now.  The active listings inventory went up 89% over December 2012 from 3.6 months to 4.9 months!  This is the number of closed sales divided by the number of active listings on the market. Sales numbers are up over last year by 9.8%; in fact the highest for January since 2007 and down 23.6% from December 2012. Pending sales are up 4.6% for the year and 37.7% since last month in December.

Prices are even from last month, 0.0% in the median sale price and down 0.9% in the average sale price for the year.

The overall drive to get more listings on the market is greater than ever as buyers are desperately out there seeking their perfect home.  My assessment of why inventory is so low is due to most sellers’ desires to sell their home for a certain price and not “thinking” that their home has quite reached that price yet in the market rebound.  When they feel their home has reached this level, we may start to see the inventory numbers climb.

Predictions for the next few months…

  • Low inventory will drive up the average median sales price again slightly.
  • The S&P Case-Shiller report will also reflect this.
  • Inventory will hopefully increase once again as the weather improves and positive news of recovery are spread throughout the media.
  • Sales numbers year-to-year will increase by month-to-month but keep going down as the trend has been for the last 6 months.

Compared to Last Year

Inventory up to 4.7 months.

Closed sales up 9.8%.

Pending sales up 4.6%

New listings down 6.7%.

Compared to Last Month

Closed sales down 23.6%

Pending sales down 0.9%

New listings up 89.6%

 

Click Here for the full report

February 2013 RMLS Market Action

The real estate market is showing some positive signs of recovery

The real estate market is showing some positive signs of recovery

 

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