August has seen a slight cooling to the Portland’s real estate market compared to July, but remains very strong compared to the same month last year. Closed sales (2,623) decreased by 5.2% compared to July (2,766), but represent the best August for closed sales in Portland since 2006 when there were 2,939!
New listings were down 11.7% in August from the previous month, but up 10.5% over August 2012. Pending sales also were down 4.5% in July. This showed a 9.5% increase over the 2,387 accepted offers in August 2012.
Inventory has slightly increased and currently sits at 3.1 months. At the end of August, there were 8,003 active residential listings on the market.
There have been 19,891 accepted offers and 18,231 closed sales in 2013, up 16.3% from closed sales in the same period last year. The 26,850 new listings so far this year represent a 10.7% increase from the first eight months last year. The average sale price is up so far this year $309,200, up 14.1% from the same period in 2012, when the average was $271,100.
So far the real estate market is continuing strong into the Fall!