RMLS Market Action for May 2011 is out with mixed news. The average sales price in Portland is down from April 1.8% to $262,400. During the same period the median price increased .1% to $220,000. The average sales price has dropped 7.3% over the last year.
Inventory levels continue to decline. New listings have dropped and pending transactions are up. RMLS reports Portland Metro as a five county area. We’ve updated our inventory graph for the more localized markets. The trend continues that the City of Portland has about one month less inventory than Portland Metro.
Looking at history doesn’t help crystal ball predictions of where the market is heading. While interest rates remain amazingly low other economic information prognosticates continued tough times. An accurately priced house will sell in any market. We just got an accepted offer on a property where four offers were presented to the seller three days after it was listed. We’ve seen other properties sit on the market for months, if not years. I just showed a house with an RMLS number starting with 9 (RMLS numbers of properties listed in 2011 start with 11).