PORTLAND RMLS MARKET ACTION AUGUST 2013

16 08 2013

velmaHmmm.  The Portland Real Estate market is a mystery to all of us.  The market continues to move up and down this year in 2013 and is very hard to predict what the next month will do.  Listings go up and sales go up and the inventory goes down and then, all of the sudden listings go up, closed sales go up but pending sales go down and then the inventory finally takes a small .1% increase to 2.9 months.

Though the market seems hot like 2005, buyers and sellers are still hashing out the deals on the negotiating table unlike years past.  Houses still have to be in good condition or sellers may compromise their sales prices or credits to buyers to balance them out unlike markets of old.  The multiple offers on many are not overcoming the challenges of sewer scopes, stucco inspections, home inspections, radon inspections and underground storage tanks in most of the deals in the marketplace.  A great mystery of the past eight years of the challenging real estate markets filled with short sales and foreclosures.

Corelogic came out with its report today as well stating that foreclosures are down 27% for May over last year and down 8.3 from the previous month.  Short sales are up 15% from last year and 7% for the month.  However distressed sales (both short and bank-owned) are down by 1.7% this month overall nationwide and 3.4% for the year.

Compared to Last Year

Inventory up to 2.8 months.

Closed sales up 40.2%.

Pending sales up 15.4%

New listings up 22.6%.

Average Sales Price up 13.8%

Median Sales Price 14.3%

 

Compared to Last Month

Closed sales up 10.2%

Pending sales down 2.4 %

New listings up 3.4%

Average Sales Price up 4.0%

Median Sales Price up 2.9%

 

Wow!  Keep reading this mystery as we continue to ride the waves up and down with records unpredictably moving across the months and years to come.

The mystery continues...

 

View The Full Report Here  August 14, 2013 RMLS Market Action

 

— Dustin Miller

Broker/Market Analyst

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