February 2012 Portland Market Update
Posted by Kyle Newton — March 22, 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
Average sale price for February 2012 rose 4.3% compared to February 2011. Median sale price fell 1.3%.
Month to month, comparing January 2012 to February 2012, average sale price went up from $249,100 to $255,100 (2.4%) and the median sale price rose from $207,500 to $211,000 (1.7%).
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 February 2012.*
*Statistics taken from RMLS Home Sales Report, February 2012.
While there were fewer active and new listings on the market, sales activity in Metro Portland showed an improvement in both pending and closed sales in February 2012. Also notable in February was a decrease in inventory, down from 7.0 last month and the lowest February inventory since 2007.
Closed Sales were up 17.5% in February 2012 compared to February 2011. Pending sales grew 32.5%, and new listings dropped 13.6%.
*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.
For more information about the Portland housing market visit our site www.realtytrust.com or call us at 503.294.1101
To read the full report, click here.