Jan Feb Mar Apr May Jun July Aug Sept Oct Nov Dec
2012 7.0 6.5 5.0 4.7 4.2 3.9 4.6 3.9 4.6 3.8 4.2 3.6
2013 4.7 4.5 3.2 3.1 2.5 2.9 2.8 3.1 3.7 3.4 3.7 3.2
2014 4.1 3.9 3.1
First Quarter 2014
Real estate activity had a fine start the first quarter of 2014. There was a 1.9% increase in new listings vs. new listings posted in the first quarter of 2013. The pending sales in 2014 so far were down 3.2%, but the closed sales in 2014 were up 2.2%, respectively when compared with the first quarter of 2013. This information is a good sign of the continued active real estate market we currently enjoy here in the Portland/Metro locations.
Average and Median Sale Prices
The average price in the first quarter this year was 11.2%, up from the first quarter of 2013. In the same comparison, the median price rose 9.9% in the first quarter of 2014. This means if you were previously “under water” you may not be currently.
Average Marketing Time
Total market time in the region fell to 85 days in March. This is helpful for you to gauge timing on selling a fairly priced home.
What does months of inventory mean?
Typically, 6 months of real estate housing inventory signals a balanced market. Anything under 6 months indicates we have a Seller’s market. Consequently, the opposite is true…anything over 6 months is considered a Buyer’s market. To put it in perspective at the height of the crash we had 19 months of inventory on the market. We have been holding steady in a seller’s market for about 2 years.
All this information means we have a robust & competitive real estate market right now which makes it a perfect time for you to sell and because of the low interest rates make it extremely affordable to buy in this market.
Each neighborhood is different but we are seeing significant price increases in most areas. If you would like to know about your neighborhood please text/call/email me. I’m happy to help.