Posted on October 11, 2012
RMLS Market Action was released this morning just after I hit “post” on the time lapse video so today is a twofer. New listings are down compared to last year and last month but inventory returned to 4.6 months which is better for the overall health of the market than last month’s 3.9.
Year-to-date the average sales price is up 2.9% to $281,400 and up 4.9% from last month. The average sales price since last September is -.1% which mirrors what we hoped for 2012: flat is good. Last year the market gained for the first half of the year and then gave it all back plus some in the closing months of the year. We spend the beginning of 2012 digging out of those losses. Will the market finish the year strong? Will the Spring of 2012 be the point that we look back to as the bottom of the market? For 2010 and 2011 September was close to the peak for that year with a drop off to close it out.
Days on market has also dropped compared to last year. At 102 days, it’s slightly higher than August’s 97 days but significantly lower than last September’s 131.
It’s always important to remember that these stats reflect the entire Portland Metro Area, meaning a five country area. Different locations within the area and different price ranges see very different results. SE Portland has 3.3 months of inventory and an average days on market of only 62.