April 2014 RMLS Market Action

13 04 2014

Peaceful Community

 

It is time to revisit supply and demand again to answer a question.  (I covered it 2 months ago).  If supply is down and demand is up, generally the price goes up.  But, in Portland that was barely the case this past month when the average sales price went up 0.8% and the median sales price dropped to -0.5%.

 

What happened?Supply and Demand

In August 2005, the price went up month-to-month by 8.8% and we had really low inventory—1.6 months.  We currently have 3.1 months which is almost twice that but still extremely low.

 

As far as the volume of sales, the April Market Action showed only about 100 more listings and 100 more sales for the August 2005 time period in the West Portland Area.  That is not much when the overall number for that area is nearly 600 new listings in 2014.  For the entire Portland Metro Area we have a much bigger picture and that is where the difference is.  In the current 2014 report, 3090 new listings came on the market and 1857 sales came off the market.  In August 2005, 4779 new listings came on the market and 3690 sold.

 

Smaller pond, less fish.  The economy has taken 50% of the consumers out of the home buying and selling business.  That may drive up some prices, but not all.  Other buyers and sellers, are hanging out in their slice of America and simply not participating.

Cash Buyer Moves In...

Cash Buyer Moves In…

 

Compared to Last Year

Inventory down to 3.1 months.

Closed sales up -4.0%.

Pending sales up -3.6%

New listings up 2.9%.

Average Sales Price up 9.7%

Median Sales Price up 11%

 

Compared to Last Month

Closed sales up 26.6%

Pending sales up 37.1%

New listings up 31.3%

Average Sales Price up 0.8%

Median Sales Price down -0.5%

 

The Perfect Marketplace

The Perfect Marketplace

 

 

 

 

 

 

 

 

 

 

Not sure whether it is best to be the one in the water or on land in this market…

In or out

 

 

View The Full Report Here  April 2014 RMLS Market Action

 

Dustin Miller

Broker / Market Analyst

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