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The Portland real estate market continues to build steam. Closed sales were higher in December 2012 than December 2011 while pending sales were 4.1% under the accepted offers in December 2011. The active inventory dropped to a new low of 6,352 homes on the market. Both median and average sale prices showed double digit improvement. Comparing 2012 to 2011 there were 32,300 new listings, 24,010 accepted offers, and 23,438 closed sales in 2012. Compared to 2011 new listings were down 5.2%, pending sales were up 16.2% and closed sales are up 19.1%. Prices are higher, total market time dropped and all in all the market is on the way up.
Comparing the pending sales with the previous 12 months change is as follows; Beaverton home pending sales are down 26.1%, Tigard pending sales are up 30.4%, Hillsboro / Forest Grove pending sales are up 1.8%, Lake Oswego pending sales are sown 3.6%, SE Portland pending sales are down 10.1%, NE Portland pending sales are down 1.4% and Gresham / Troutdale pending sales are down 17.2%. Average total market time measured by days is as follows; Beaverton 92, Tigard 126, Hillsboro 109, Lake Oswego 157, SE Portland 109, NE Portland 74 and Gresham / Troutdale 118. Rates continue to stay low around 3.625%.
We continue to see positive signs in the real estate market and the next few months look like the trend will continue. I hope this enclosed market action helps keep you informed about the local real estate market.
With one exception, all reported measures of real estate activity show improvement when comparing September 2012 with September 2011, while dropping somewhat from
August Heights. At 1,894, closed sales were 19.4% higher then September 2011
sales of 1,586, while declining 18% from the August 2,311 total. This was the
best September since 2006 for closed sales. Pending sales also continued to be strong, with 2,058 accepted offers in September, 10.6% more than the 1,861 reported in September 2011, and 13.8% under the 2,387 pendings in August.
With three-quarters of the year gone, the market recovery is solidifying.
Accepted offers are 16.8% above the level they were for the same period last
year (19,015 vs 16,275). Closed sales are 18% higher, with 17,468 closed so far
this year, compared to 14,803 last year. Prices continue to creep up. The
average sales price year-to-date of $272,200 is 2.9% higher than the average
price in the same period last year, while the 2012 year-to-date median of
$230,400 is 3.8% higher than the media last year. Total market time has dropped
20.7% from 145 days last year to 115 days for the first three quarters of
The current Market Action for the Portland and Beaverton area home sales for July 2012, per the RMLS is: Real estate activity is positive when comparing July 2012 to July 2011. Comparing July 2012 to July 2011 there was a 23% increase in accepted offers. The 1,973 closed sales represent a 15.4% increase over the same month last year, when 1,709 closed sales were record
If you have any questions don’t hesitate to give me a call.
Gary Potts 503-753-6136
Every measure of real estate activity is positive when comparing June 2012 with June 2011. There were 2,435 accepted offers, 21.7% more than the 2,001 reported in June 2011 although down slightly (-3.4%) from last month.
The 2,244 closed sales represent a 14.6% increase over the same month last year, when 1,958 were
recorded and 7.0% more than the 2,098 sales in May. This represents the highest number of closed sales since August 2007 when there were 2,554 closings.
The unsold inventory in months dropped again in June and continues to be the lowest it has been since March 2007 when it was 3.8. It would take only 3.9 months to sell the 8,799 active listings at the June rate of sales.
Home sale price measures were all positive in June. The median sales price rose 8.6% when comparing June 2012 with the same month in 2011 and 2.9% when comparing the first two quarters of 2012 to that period in 2011. This is the third consecutive month in 2012 that the median home price has risen.
The median list price in BEAVERTON, OR 97007 this week is
Inventory has been lightening lately and the Market Action Index has been trending up. These are mildly positive indications for the market.
SUPPLY AND DEMAND:
Home sales have been exceeding new inventory for several weeks. While still a Buyer’s market, prices seem to have responded by moving upward. If the demand trends continue, expect prices to keep marching upward, especially once we see a Seller’s Market.