Portland Metro Real Estate Market Action Report August 2012

 

Downtown Portland OregonWe just got the latest market action report statistics for August 2012 from the RMLS (regional multiple listing service) and they are looking good! With the slight rise in inventory in July to 4.6 months we are back down to 3.9 months.

The inventory..or absorption rate measures the estimate time that it would take for all the current listings to sell by dividing the active number of homes at the end of the month in question by the closed sales for that month. In an average market, the inventory is around 5-6 months. Anything over this is considered a buyer's market and anything under it is considered a seller's market.

At 3.9 months of inventory for the Portland Metro area, we are very close to what the market was back in 2006 when it was 3.6 months. Now..in 2005, at the height of the market, the inventory was only 1.6 months! Our average days on the market have decreased and the in most areas, there is an increase in home prices. This is MUCH better than the 11 months of inventory back in August of 2010!

What does this mean for you? If you are buying a home in the Portland Metro area and are noticing that homes in certain neighborhoods are moving fast, you will need to be prepared with a pre-approval letter and look closely at the comparables your agent is providing to you to make a strong offer.

If you're looking to sell your Portland Metro home, you still need to make sure it's at a good price along with it's competition and looking as good as it can be. Just because it might be a seller's market doesn't mean buyer's are willing to overpay for a home. There is always the appraisal factor to consider.

Portland Metro Real Estate Market Action Report August 2012Portland Metro Real Estate Market Action Report August 2012

Portland Metro Real Estate Market Action Report August 2012

Portland Metro Real Estate Market Action Report August 2012

Portland Metro Real Estate Market Action Report August 2012

Maps and Graphs from RMLS

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Cindy Westfall ABR,GRI

Premiere Property Group

5000 Meadows Rd., Ste. 150, Lake Oswego, OR 97035

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E-Mail: cwestfallportlandrealestate@gmail.com     

 

Cindy Westfall, Portland Real estate

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This post has been included in Oregon Real Estate News
Post is included in group: Portland Metro Real Estate
Post is included in group: Market Reports
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Post is included in group: Portland Oregon Home Buyers and Sellers
Post is included in group: Portland Metro

4 Comments on Portland Metro Real Estate Market Action Report August 2012

SEP
14
447,738 Points 72 Featured Posts Outside Blog Called Shot Master

Cindy, That is a really good report and one worth sharing. I hope it keeps up into the winter.
10:29pm • #1
SEP
15
402,665 Points 47 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Hi Debbie, our market in Portland has been pretty darn good, so love to report it!
7:53am • #2
580,685 Points 37 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Hi Cindy ~ It's true that our Portland market is so much stronger!  I just read this report yesterday.  (Hmmm ... it seems that one of those closed August sales is one that we crossed paths in :-)
8:10am • #3
402,665 Points 47 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Hi Maureen, Thanks to your beautiful staging we did indeed! I had to smile when I saw your cards on the counter. You know I'm a huge believer in staging...especially vacant homes. When I went back to the home to meet a contractor after the staging was removed...even though the house is lovely...it looked so ....empty and lonely :(
8:41am • #4


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Cindy Westfall ABR,GRI Your Tualatin & Portland Metro Real Estate Agent!

Tualatin, OR

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Premiere Property Group, Portland Metro & Suburbs Oregon

Address: Attn. Cindy Westfall 5000 Meadows Rd.,, Ste 150, Lake Oswego OR 97035, Portland Metro, Tualatin,Lake Oswego, West Linn, Sellwood,closer in SE Portland, Wilsonville,Oregon City, Sherwood areas

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