May 2013 Portland RMLS Market Action Report

15 05 2013
Portland Market Smoothly Rolling Downhill

Portland Market Smoothly Rolling Downhill

So the ball is still rolling downhill for the Portland Real Estate market.  All is up in the Portland real estate world:   pending sales are up from last month by 24%, closed sales are up from last month by 16.6%, average sales price is up 15.3% and median sales price is up 14.2%.

 

The median sales price for Portland is $257,000.  The last time we were close to this was between January and February 2006.  The median price is figured my averaging out all sales prices and picking the exact one in between the highest and lowest.  The reason this has more significance than the average sales price is that it eliminates the million dollar sales from skewing the numbers from month-to-month.

 

Wow, is all we in the real estate world can say.  The biggest surprise here (comparing the trend in the past 6 months to the year before) is the median sales price—up 16.6% to $257,000.  There has never been a run of double digit increases in the median sales price from year-to-year in since 2007 in a hot market.

The numbers for year-to-year appreciation for Portland in the past 5 months are below:

December 2012 =  14.5%

January 2013 = 19.5%

February 2013 = 19.5%

March 2013 = 14.7%

April 2013 = 15.9%

 

Just so you know the past month-to-month median price level changes…

2012 small positives

2011 small negatives

2010 full of negatives with two break-evens at 0.0%

2009 double digit negatives

2008 single digit up and downs

2007 single digit up and downs

2006 single digit ups

2005 single digit ups

 

Compared to Last Year

Inventory down to 3.1 months.

Closed sales up 15.3%.

Pending sales up 14.2%

New listings up 19.3%.

Average Sales Price up 1.2%

Median Sales Price 2.8%

 

Compared to Last Month

Closed sales up 9.8%

Pending sales up 11.9% (way up from April’s report)

New listings up 20.7%  (still couldn’t keep the inventory # from going down)

Average Sales Price Up 1.2%

Median Sales Price Up 2.8%

View The Full Report Here    May 2013 RMLS Market Action

 

Portland rolling downhillDustin Miller

Broker/Leading Market Analyst

 

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