Summer has been sunny indeed for the real estate market in the Portland metro area. Closed sales (2,766) topped June’s number (2,511) by 10.2%. This represents the best July for Portland since 2005.
New listings, at 3,877, are also up 3.4% in July over the previous month and 22.6% over July 2012.
Pending sales dropped just slightly (2.4%) in June to 2,738 from 2,809. This represents a 15.4% increase over the 2,372 accepted offers from July 2012.
Inventory currently sits at 2.8 months. Total active listings rose by 500 between June and July. At the end of July, there were 7,849 active residential listings on the market.
The average sales price so far this year is $307,100, up 14.0% from the same period in 2012, when the average was $269,300. The median price increased as well, 13.7%, from $229,500 last year to $261,000 thus far in 2013.
All in all the real estate market has been going strong this summer!