RMLS Market Action for March 2012 was released yesterday. Inventory has dropped to recent low levels at 5.0 months. The pending and closed sales are up both when compare to last month and last year. New listings are down compared to last year but up from February. We appear to be seeing another shift in the market where buyers are competing for properties and having a harder time finding properties that meet their criteria.
Average sales price climbed to $252,600 but is still down .04% for the year. In 2010 we saw strong numbers in the between March and August that was all given back as the year came to a close. It’s too early to tell if we’re going to have a repeat of last year or whether we have really started to turn the corner. I do feel more confident than last year. The Fed reported yesterday that they were not touching interest rates which helped perk the stock market to near highs.
I’ll update my local inventory chart ASAP but as a teaser N. Portland has 4.4 months of inventory, numbers that indicate a seller’s market. West Portland, an area that has been averaging higher numbers than the Metro report, is at 5.4 months.