It’s that time of the month again; the RMLS Market Action Reports are out for July 2014. I generally focus on the Portland Metro report as that’s the market I operate in, however if you want the report for other areas please feel free to shoot me an email and I’ll get it to you.
For July inventory slipped slightly from 2.8 months of inventory at current buying activity to 2.9 months, just about a negligible change. The average sale price however has increased slightly from $334,800 in June to $344,700 in July; or roughly 2.85%. From the same period in 2013 however it’s jumped 7.9% ($326,500 in July 2013).
We are likely to see the inventory levels rise however as A) It’s normal for this time of year moving forward and B) at 3,954 new listings for July 2014 that’s 2% more than July 2013 which is actually a 3% drop from 4,078 new listings in June of this year. Of course with all of this said we saw an increase in pending sales (accepted offers) in July 2014 compared to July 2013 (2.3% better) but a drop from June 2014 of 5.5%. Last but not least, following suit with the drop/increase trend are closed sales increasing 2.3% from last July and dropping 3.2% from June 2014.
As of the generation of this latest report inventory showed 7,727 active residential listings in the Portland Metro Real Estate Market with market time decreasing to 57 days on average (whichmeans sellers, if you’ve been on the market longer than 57 days, it’s time to look at bit closer at the market and why you’re home has not sold yet).
And here are the winners and losers for appreciation rates:
We have a tie for first place in July between SE Portland & Oregon City / Canby both coming in at a significant rate of 13.6% appreciation with N Portland a close 2nd place at 13.4%.
For last place we have once again West Portland at 6.6% and a close 2nd here from the Tigard / Wilsonville areas at 6.8% and even though these areas are the losers for appreciation rates, 6.6% is STILL an outstanding appreciation rate; so yea, the Portland market is a really healthy Real Estate Market currently. However, with rates in the double digits for most areas (8 of the 13) we are approaching “bubble” level which I attribute simply to more signs of a strong recovery from the abysmal conditions we experienced from 2006 through 2012 when the recovery began taking hold.
To get a copy of the report for your own perusal click here.
Your Portland Realtor, Scott McDonald
Everything. Portland. Real Estate.