Real Estate Portland Lookout

Jessica LeDoux

Prices Rise as Sellers Start to See Multiple Offers
According to statistics from the Regional Multiple Listing Service (RMLS), the median sales price in the Portland area rose nearly 3% in November 2011 as compared to the previous month. The increase comes as the number of homes on the market (inventory) continues to shrink and some sellers are beginning to see multiple offers. Homes that are appropriately priced are seeing offers shortly after going on the market. Inventory Falls to New Two-Year Low In November, inventory dropped to a new two-year low for the fourth consecutive month. The number of homes available for sale on the last day of November 2011 was down more than 10% as compared to the previous month, and down more than 35% compared to last year. Market Continues to Equalize The months supply of inventory under contract remained 5.7 months in November 2011. It is the second month it’s been in the range that’s considered to be a balanced market between buyers and sellers.
Residential (Detached & Condo) Available Inventory Under Contract Sold Avg. Days on Market Solds Median Sold Price November 2011 9,403 (5.7 mos) 1,657 1,303 95 $225,000

December 2011

In This Report…

Median Sales Price climbs nearly 3% in November 2011 compared to previous month. November’s median sales price is 4.70% above two-year low set in February 2011. Inventory drops 10% in November to the lowest level in two years. Sellers are starting to receive multiple offers again.

Change vs. Prior Month (Oct) -10.47% -9.35% -15.17% 5.56% 2.74%

November 2010 14,670 (11.8 mos) 1,241 1,290 85 $235,000

Change vs. November 2010 -35.90% 33.52% 1.01% 11.76% -4.26%

Jessica LeDoux
RE/MAX equity group (503) 310-5816
237 NE Broadway Ste.100 Portland, OR 97232

This report is developed monthly and is based on information from The Regional Multiple Listing Service (RMLS) for the period stated above. Residential properties only in RMLS areas 141-156. Months supply of inventory is calculated by dividing the number of properties for sale on the last day of the month by the number of properties that went under contract that month.

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