The latest RMLS Market Action Report is out for November 2011. For three months running, closed and pending sales throughout the Portland metropolitan real estate market showed real improvements compared with the same months in 2010. Inventory is also much lower than the same time a year ago, which means the market is balancing out for sellers as well as buyers.
Closed and Pending Sales: Closed sales went up 18.9% in November 2011 compared to November 2010. Pending sales saw a rise of 18.2%, while there were 18.1% less newly listed residential properties. Looking at the month-to-month comparison of October 2011 with November 2011, closed sales rose 3.2% from 1,474 to 1,521. Pending sales fell 10.3% from 1,878 to 1,685, and new listings were down from 2,433 to 2,026 (-16.7%).
Inventory: At this month’s rate of sales, the 9,451 active residential listings would last about 6.2 months. Interestingly, this is also the lowest active listing count in the last three years.. These are numbers typical in a healthy market, one of the lowest, seller-friendliest inventory numbers since before the market collapsed. That means if houses DO go on the market, they’re selling pretty well, but many people are choosing to keep their homes off the market until it bounces back.
Sale Prices: This is the one area where we’re still seeing year-to-year drops. The average sale price in November 2011 fell 4.6% when compared to November 2010. The median sale price also was down by 3.4%. However, despite the typical decline of sales in the fall and winter, prices increased when comparing November 2011 to October 2011. Average sale price went up from $258,700 to $259,400 (0.3%), while median sale price rose by 3.3% from $217,800 to $225,000.
It’s still very much a buyer’s market, as interest rates are currently extremely low and we have a good inventory of well-priced homes, foreclosures and short sales.
Check out the Southwest Washington November 2011 Market Action Report for similar stats for Clark County.
Now’s the time to buy!
Click this link to download a PDF of the full RMLS Market Action Report for November 2011.
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