Home Inventory Drops More: RMLS Market Action May 2012

RMLS Market Action April 2012The supply of homes for sale in the Portland market continues to drop according to the RMLS Market Action report released today.  The general convention is that six months of inventory indicates a neutral market but that number should probably be revised downwards as I think buyers are more willing to walk away than they were in the past.    It was 153 days in April of 2011. Inventory in the close-in areas of Portland is lower in three instances than the five country Portland Metro reporting area.

  • N Portland: 4.3 months
  • NE Portland: 3.5 months
  • SE Portland 3.2 months
  • W Portland 4.8 months

RMLS Rolling Average May 2012Average ($262,500) and median ($225,000) prices are almost the same as this time last year.   The report shows Days on Market is down to 123 days.  It was 153 this time last year.   On the other hand the graphic to the right shows that the rolling average and median prices are down.  That compares the last 12 months with the 12 months prior to that.

[Both graphics are from the Market Action report]



2 Comments on “Home Inventory Drops More: RMLS Market Action May 2012

  1. Why is it when the median price of a home goes from $219,900 in April 2011 to $225,000 it is called “about even” rather than appreciating 2.3%? When it was dropping 2.3% no one reported it as “about equal”.

    Also, it is worth noting that the affordability ratio is at an all time high of 183. Portland area families can afford 183% the median home value.

  2. Year to date median $216,200 compared to $215,000 last year and $254,600 this year versus $257,000 last year for average YTD sales price. Both less than 1% difference but I should have clarified.

    The headline could be, “Portland Prices Rocket up 2.3%!” 🙂

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