Seasonal activity was again on the upswing this April in the Portland metro area! The months of Inventory right now at 2.8 months of inventory. The “bar” of a balanced real estate market is 6 months of inventory. We have been under 6 months all year. Under 6 months is considered a Seller’s market.
Furthermore, Closed sales, at 2,143, rose 15.4% from March’s 1,857 and represented 0.8%
increase over the 2,125 sales closed in April 2013. Despite the small increase, it was still the best April for closed sales in the Portland metro area since 2007, when there were 2,594. New listings (3,629) were up 0.2% compared to last April, when there were 3,623, and 17.4% compared to the 3,090 new listings posted in March. Pending sales (2,825) increased 11.5% from March’s 2,534 but dropped 4.0% from pendings in April 2013 (2,942).
Total market time in the region fell again to 77 days in April, and inventory again decreased to
2.8 months. The average price the first four months this year was $325,100, up 10.7% from same time in 2013 when the average was $293,600. Every neighborhood is different.
For your neighborhood average sales price please give me a call. I can help!
Information from RMLS Portland Market Action report