Unsold homes in the Portland area are become more scarce. The Regional Multiple Listing Service announced that the inventory in March dropped to one of the lowest levels in two years. According to RMLS, there were over 11,000 active listings in the Portland area with an average of a 7.1 month inventory. This years inventory is up .6 points since last March when inventory was at 7.8 months. The inventory went to a two year high last February when there was a 12.9 month inventory. On average, a 6.0 month inventory level means the real estate market is balanced.
The March real estate market also showed improvements in regards to homes selling. Compared to the previous month, closed sales in March rose over 50 percent! Pending sales also increased from the previous month by 26.5 percent. These are great signs the real estate market is on the mend. There were over 1,600 closed sales in the Portland area in March and over 2,000 pending sales. However, home prices are down over 9 percent
Compared to February, closed sales rose 50.4 percent while pending sales increased 26.5 percent and new listings grew by 6 percent, all signs that the spring sales season is getting off to a strong start. At least in some parts of the Metro Area. The Hillsboro & Forest Grove area, along side Lake Oswego & West Linn, had the most price decreases with an average of declining by 11 percent. On the other hand, Northeast Portland had the best market last month in the Metro area. Home prices declined less than .5 percent.
Filed Under: Portland Real Estate