March 2013 Portland RMLS Market Action

14 03 2013

hills 2Big news on the number of closed and pending sales: 1. Closed sales numbers (1376), best since February 2008,   2. Pending sales numbers are up 11.7% from January 2013 (2834), best since February 2007.

The Spring Season is coming on and the increases may be based on seller perception of whether or not this is the right time to list their homes. If they do, sales will grow both in price and numbers; if not, we may have the inventory continue to drop.  Some hills and valleys in our future…hard to say which.

Predictions for the next month…
o Low inventory will drive up the average and median sales prices again for the year. (I was wrong on the month-         to-month increase last month).
o The S&P Case-Shiller report will also reflect this.
o Inventory will continue to go down as sales numbers are up. On March 7, 2013 I recorded 3.5 months of inventory.

Compared to Last Year
Inventory down to 4.5 months.
Closed sales up 9%.
Pending sales up 1%
New listings down 1.6%.
Average Sales Price up 10.5%
Median Sales Price 14.7%!

Compared to Last Month
Closed sales up 2.4%
Pending sales up 11.8% (way up from last month’s report of -0.9%!)
New listings up 0.6%
Average Sales Price Down 2.0%
Median Sales Price Down 2.4%

valleys 2

The Full Report Here…

March 2013 RMLS Market Action