April 20, 2012
Portland Metro Real Estate Update
Courtesy of Realty Trust Group
Portland’s Real Estate Market has been slowly showing improvement in the housing market. Now is the time to buy in one of the most beautiful cities in the country. Rated in the top five by Moody’s Economy.com and MSNBC.com for being one of the first major metropolitan cities to see recovery.*
*Information from MNSBC.com
A comparison of first quarter prices this year and last shows average sales price declined less than one half percent. The average sale price was $251,700 in the first quarter of this year and $252,800 in the comparable period last year. The median sale price decreased 1.4% ($212,000 this year and $215,000 in 2011).
*Data taken from Portland’s RMLS March 2012
There are four main types of financing purchasers are using. See the graph for a breakdown in financing types for homes and condos sold in March 2012.*
*Statistics taken from RMLS Home Sales Report, March 2012
Comparing March 2012 with March 2011 shows improvement in both pending and closed sales, which were also up compared to the previous month. There were 2,272 accepted offers, 12.8% more than the 2,014 reported in March 2011 and 7.7% more than the 2,109 in the previous month. The 1,694 closed sales represent a 4.9% increase over the same month last year, when 1,615 were recorded, and 34.2% more than the 1,262 sales in February.
New listings this March (2,886) were down compared to March last year (3,056), but rose 15.8% compared to February (2,492). The combination of fewer new listings and more closed sales contributed to the lowest unsold inventory since June 2007. It would take only five months to sell the 8,391 active listings at the March rate of sales.
*Inventory in months is calculated by dividing the active listings at the end of the month in question by the number of closed sales for that month.
Realty Trust Group is a locally-owned real estate company that has achieved the highest sales volume per agent in the Portland Metro Area and has provided more than a decade of service to its clients and community.
To read the full market report, click here.