The Portland real estate market got off to a good start in January 2013. There were 2,438 new listings, an 89.6% increase over December 2012 listings of 1,286, but 6.7% fewer than the 2,613 listings of January 2012.
AlthoughfewerthanDecember’s 1,760 closed sales, the 1,344 closed sales in January 2013 are the most for the month of January since 2007, when there were 1,594 sales. There were 1,906 offers accepted, also the most in January since 2007 when there were 2,544 pending sales. Pending sales increased 37.7% over the previous month when there were 1,384.
Active inventory continues at historiclows,risingonlyfractionally to 6,366 homes on the market—a mere six more listings than December 2012. Unsold inventory remains low at 4.7 months.
Market time continues to shrink. At 114 days, January’s total market timehasloweredby16.3%froman average of 136 days on the market in January 2012.
The average sale price in January was $287,700,andthemediansale price was $248,000. Prices are rising over time. Comparing the average price of homes in the twelve months ending January 31st of this year ($277,000) with the average price of homes sold in the twelve months ending January 2012($262,900)showsanincrease of 5.4%. In the same comparison, the median has increased 7.3% to $236,000 in the last twelve months from $219,900 in the preceding twelve months.
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