Portland Metro Real Estate Update
Posted by Kyle Newton — February 28, 2012
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 MNSBC.com for being one of the first major metropolitan cities to see recovery.*
*Information from MNSBC.com
The average sale price of $249,100 for January 2012 was virtually the same as the $248,900 posted in January 2011, while the median declined 3.5%. Compared to December 2011,the average price fell 4.5% ($260,800 v. $249,100) and the median fell 4.2% ($216,600 v. $207,500).
Over the rolling twelve month calculation which compares February 2010-January 2011 with February 2011-January 2012, the median price dropped 6.9% & the average price declined 6.1%.
* Data taken from Portland’s RMLS January 2012 Report.
The year has started off on a positive note. Sales activity in the Portland metro area continued to show improvement in closed and pending sales when comparing this January to the same month a year ago. Closed sales experienced a 18.3% increase, posting the highest numbers for January since 2007. Pending sales saw growth of 22.4% in the same comparison. Market time also improved, decreasing from 160 to 136 days.
There were 16.5% fewer newly listed residential properties. The combination of higher sales and fewer new listings helped to create a much lower listing inventory for this season than seen in the previous two years. At January’s rate of sales, the active listing count of 8,514 would be exhausted in only 7.0 months.
*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.
About Realty Trust Group
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.