RMLS’s May 2005 Market Action report is out and it confirms that available listings continue to drop. This month’s magic number is 1.6. That translates to if we stopped taking listings today, there would be nothing to sell 1.6 months from today. This time last year it was 2.8 months, 2003: 3.8 months!

The average sales price is also up 10.8% over a twelve month period to $256,600.

Average time on market is just 41 days (57 day this time last year). North Portland’s days on market are only 25!