Market Conditions Ending December 31, 2012
The Portland Real Estate market continues to flourish. Total Portland inventory hits the lowest point in the year at 3.6 months. The last time the inventory was this low was in August of 2006 and the last time the inventory was lower in the month of December was December 2005, 7 years ago. When comparing December 2011 to December 2012, new listings are down -24.4%, pending sales are down -4.1%, closed sales are up 9.1%, the average sales price increased 11.3%, the median sales price increased 14.5% and the total time on market declined by -21.4%.
Here are the basic stats for year 2012 (Jan-Dec), which includes the entire Portland Metropolitan Area:
Average Sales Price = $275,000
Median Sales Price = $235,000
Average Time to Get an Accepted Offer on Your Listing = 112 days
Total New Listings
Total Accepted Offers = 24,010
Total Closed Sales =23,438
Total Current Active Inventory Ended at = 6352 homes or 3.6 months
Total Volume of Sales = 6.45 billion
With interest rates at all time lows, real estate inventory at 6 year lows, prices appreciating at approximately 10%, unemployment in Oregon at 8.4% down from 2009 high of 11.6%, expect the Portland, Oregon real estate market to continue to thrive. Overall the market is now starting its turn from a neutral real estate market to a sellers real estate market. It will be very interesting to see if this trend continues into 2013.