RMLS Market Action for April 2011 was released yesterday with mostly positive month-over-month news. I consider a .1 month drop in inventory a positive even though mathematically a loss. The average sales price went up from $261,000 to $267,300 and the median price also increased. The average sales price over the last year has declined 5.2%.
April, May and June were the strongest months of 2010 Portland real estate with a sharp drop off in July. In previous years May, June and July saw the highest number of closings in a given year. The difference for 2010 can most likely be attributed to the expiration of the First Time Buyer Credit on April 30th and the need to close those transactions (note the spike in inventory from 7.3 to 10.8 between June and July last year).
Days on market for the metro area is 153 days. In April of 2007 it was 58 days and inventory was at 4.4 months. Amazingly 4.4 months was the 5th highest level in the 28 months proceeding that report. In the last 28 months inventory the lowest inventory was 6.5 months in October ’09 which was down from the recent record of 19.2 months in January of the same year. Inventory has not been below 7 months since.
I’ll update the local City of Portland inventory that we have been tracking since last year as soon as possible. Market Action’s Portland Metro report is made up of a five county area. We’ve seen that the close in Portland areas have tracked consistently below the Metro inventory.