June 2013 Portland Metro Market Action

14 06 2013

The Wave is Here!

Once again a big increase in the Portland Metro numbers as sales continue to rebound. Closed sales are up 26.2% over last month and 27.6% over last year. Average sales prices are up 4.7% over last month and 12.6 over last year. Median sales prices are up 4.9% over last month and 14.9% over last year.

Market time is still well above the “hot” days of old at 85 days on average. In 2005 & 2006 we were closer to 38-50 days average days on the market.

The insight this month is the positive increase in month-to-month sales prices haven’t been seen since back in April 2006 where we hit a 5.42% increase in average sales price. Well, we saw it this year a couple times in March 2013 (5.69%) and a record in January 2013 (12.20%). That record in January has not been seen in recent recorded history!

A big concern is also the interest rates coupled with the slow-down in pending sales. Hopefully this isn’t a trend, but a simple glitch. Otherwise, we might see our numbers start a downward trend in the outlying areas of close-in Portland.

Compared to Last Year
Inventory down to 2.5 months.
Closed sales up 27.8%.
Pending sales up 18.1%
New listings up 17.3%.
Average Sales Price up 12.6%
Median Sales Price 14.9%

Compared to Last Month
Closed sales up 26.2%
Pending sales up 1.2% (slowing down due to inventory)
New listings up 5.8% (still couldn’t keep the inventory # from going down)
Average Sales Price Up 4.7%
Median Sales Price Up 4.9%

Keep your finger on the pulse here with me!

The Portland Market

The Full Report Here:  June 2013 RMLS Market Action

 

Dustin Miller

Broker/Market Analyst

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One response

17 06 2013
Fred Stewart

Reblogged this on Oregon Real Estate Round Table.

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