Portland is abuzz with real estate activity this spring. New listings continued to riseâ€”at 3,623, the number of new listings for the month was the greatest in any one month since August 2010. This also represented a 20.7% increase over Marchâ€™s 3,002 new listings. The increase in new listings helped inventory stabilize: the number currently sits at 3.1 months. Average time on market currently stands at 91 daysâ€”the last time market time was that low was July 2008. Accepted offers increased this month to 2,942, an 11.9% increase over March (2,628) and 24.4% increase over April 2012 (2,365). Closed sales are up as well, with Aprilâ€™s 2,125 posted sales representing a 9.8% increase over March and 16.6% increase over April 2012.
Year to Date Summary
The Portland metro real estate market continues to have a strong year. There have been 9,314 accepted offers and 7,039 closed sales in 2013, up 16.4% from 8,000 pendings and 12.9% from 6,236 closed sales in the same period last year. The 11,678 new listings this year represent a 4.4% increase from the 11,182 entered by this time last year.
Average and Median Sale Prices
The average sales price so far this year was $293,600, up 15.3% from the same period in 2012, when the average was $254,600. In the same comparison, the median increased 15.6% from $216,200 last year to $250,000 in the first four months of 2013.
The information above is from the monthly market action report produced by RMLS and used by permission of RMLS. This information is copyrighted by RMLS, All Rights Reserved