Market Conditions Ending June 30, 2013

The Portland, Oregon real estate market is plowing along at a rapid pace this year. Overall inventory is down another month from last year at this time to 2.9 months. This means at the current rate of sale we have approximately 2.9 months of inventory remaining assuming no other new homes hit the market. This is historically very low but a slight up tick from last month's 2.5 months. The rolling averages sales price percent change increased by 12.1% from -2.1% June 2012 to a current 10.0% ending June 2013. This is very high appreciation. Closed sales are up across the board and the supply of homes is down across the board when comparing June 2013 to June 2012. The total time it takes to get an accepted offer is also down considerably across the different suburbs and as a whole. Current it takes about 70 days from when a home is listed to when a home goes pending. This statistic is down -44 days from last June 2012. It's been a hot summer and year of real estate appreciation, closed sales, and squeezed supply levels and marketing times. I exepct next month to continue these recent trends.