As reported by Market Action, a publication of RMLS, here are some encouraging stats from the reporting period of October 2012:
- Both pending and closed sales posted the best October numbers since 2006
- There were 2,177 pending sales, a 15.9% improvement over the 1,878 offers accepted in the same month last year
- The 2,103 sales were 42.7% higher than October 2011 and 11% higher than sales of 1,894 in September 2012
- The 7,981 active listings would be exhausted in 3.8 months at the October rate of sales
- Average sale price so far in 2012 is $273,400, 3.7% higher than the average price of $263,700 in the same period last year
- Total market time has dropped 21% from 144 days last year to 102 days for the first ten months of 2012
Which listings are selling the fastest? The average days on market for homes in NE Portland neighborhoods is just 61 days, 72 days in North Portland. Listings in NW Washington County are not far behind at an average of 75 days on market.
North Portland and NW Washington County also have the lowest inventory of active listings. No wonder homes are selling so quickly!
Hillsboro/Forest Grove had 36.7% more pending sales in October 2012, than they did in October of 2011. Wow!
SE Portland has a year-to-date sale price increase of 5%!
Although it isn’t completely reflected in the Market Action report just yet, I have to mention the First Time Buyer/Investor market in Beaverton & Aloha. From first hand experience, this market is HOT. Nearly every listing under $200k is selling in a matter of days, if that, and receiving multiple offers. I’ve been lucky to have had two of my offers accepted by sellers/banks. It would be amazing to see more inventory hit the market for all of the first time buyers out there looking for their very first home and wanting to take advantage of super low interest rates (~3.5%!). If you have a home or investment property that you’ve been sitting on, now would be a great time to list your home with me. There are plenty of buyers out there for you.
As we head into our holiday season, which is a historically slow time for our Portland Metro real estate market, it would be great to continue our rebound!
Leave a Reply
You must belogged into post a comment.