Portland real estate inventory continues to drop and June 2012’s 3.9 months is the lowest since March 2007 according to the June 2012 RMLS Market Action released yesterday. It’s important to note that this is a totally different market than 2007. The market peaked in July 2007 and there were nearly twice the number of listings and twice the number of closed sales in a given month. Inventory is the ratio of closed sales to active listings. North and NE Portland both have 2.9 months of inventory, SE Portland: 2.5 and West Portland has 3.8 months. There are 8799 homes for sale in the Portland metro area.
The median sales price is up 8.6% since this time last year. We’re not there yet but another month or two of positive numbers will force the Portland Business Journal to revise their doom and gloom theme as the 12 month rolling average is down just 2.1% and median price is down .9%. Rolling averages compare the average of the most recent 12 months with the 12 months prior to that. All other metrics are in positive territory compared to last year.
We’re still seeing the trend we’ve previously discussed: homes under $300,000 are hot commodities with tough competition and lots of instances of multiple offers. Higher priced homes aren’t moving as quickly. That’s too be expected but it feels more pronounced than we saw in the run-up to the 2007 market peak.
In your stats, how far out streetwise, are your months of housing stats? Such as, SE at 2.5 months. Does that go out to 82nd? Beyond? Does that go out to SE Duke? Beyond?
Always look at your website at least every other day for info. Nice blog.
This map from an older post shows the RMLS areas that are used. https://portlandrealestateblog.com/files/prices-mapped-l.jpg
the second page of this pdf has the boundries
The market is improving here in Sarasota Florida, too except at the high-end. Homes and condos below $350,000 are selling like hotcakes. Above $600,000 there’s still a huge overhang of short-sales and foreclosure properties.