From the reporting period of November 2012 in Market Action, a publication of RMLS, here are additional signs of improvement for our Portland real estate market:
- Pending sales are up 2.7%
- Number of closed sales was 13.9% higher than November 2011
- Inventory levels continue to drop – just 4.2 months of inventory at November rate of sales
- Year-to-date trends show pending sales up 17.1% and closed sales up 19.9%
- Days on Market continues to drop from 143 days to 112 days
You would have the greatest number of listings to choose from in the West Portland area (Downtown/Pearl/Portland Heights/SW Portland) with 779 active listings. North Portland has the lowest inventory levels, at just 281 active listings.
SE Portland had the highest number of closed sales, 223!
Where are homes selling the fastest? North Portland listings are averaging just 58 days on the market.
All areas, but one, are reporting increases in average sales price. Gresham/Troutdale sales prices are down 1.4% and NE Portland listings are seeing the highest increase in average sales prices at 6.1%!
Not a bad start to the holiday season. I’m curious to see where the December numbers come in at and whether the market rebound continues. I’m optimistic!