Portland sees big jump in real estate home sales for 2012, RMLS Market Action Report for December 2012

RMLS just released the end of year December 2012 Market Action Report and it confirms everything we’ve been talking about in terms of the real estate recovery happening here in Portland Oregon.

Homes sales in Portland Oregon jumped 19% in 2012 compared to 2011, from a total of $5.2 billion in sales in 2011 to $6.45 billion in 2012, that’s huge!┬áPrices have also┬áreversed their downward trek, officially and consistently heading the other direction and gaining ground as appreciation rates are almost entirely out of negative territory.

Additionally as we’ve been seeing in the market, inventory is very low right now and there are still a lot of buyers looking to take advantage of the low mortgage rates available today, as a result, it’s no longer a buyers market, it’s absolutely a sellers market now.

Inventory is down to 3.6 months, the lowest we’ve seen in a number of years, and total time on the market has dropped 21.5%. As for appreciation rates in the area, only two areas remain in the negative category and just barely at -0.4% each and that’s Gresham/Troutdale and NW Washington County. All other areas are well into strong appreciation gains with NE Portland topping the list at 8%, SE Portland is a close 2nd at 7.4% (both hot real estate markets in just about any market) and West Portland closing out the top three at 7.2%.

Want to check the numbers for yourself, get your copy of the Portland Metro RMLS Market Action report right here.

Scott McDonald

 

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