Check out the end of the year stats from Market Action, a publication of RMLS (reporting period of December 2012):
- December 2012 had 9.2% more closed sales than December 2011
- Pending sales declined 4.1% from this same period last year
- Lowest inventory level in years – just 3.6 months of inventory at current rate of sales
- Median and average sales prices are up 14.5% and 11.3% respectively
- Total dollar volume of sales for 2012 was $6.45 billion ($5.2 billion in 2011)
With so many areas reporting less pending sales for December 2012, it was great to see Tigard & Wilsonville listings reporting a 30.4% increase in pending sales (compared to December 2011).
North Portland listings continue to sell the fastest on average, taking just 43 days. Lake Oswego and West Linn homes are taking a considerably longer time on the market at 157 days on average. But then again, they also have the honor of highest average sales price of $512,100.
NW Washington County is one of the largest geographic areas in RMLS, but is experiencing record low inventory levels. Just 51 listings were added in December 2012 which should make that particular market even more competitive. Know someone considering selling their home in the 97229 zip code? Now is the time!
I’m excited to see even more recovery and growth in the Portland real estate market as we head into 2013!