The Portland real estate market continues to build steam.  Closed sales were higher in December 2012 than December 2011 while pending sales were 4.1% under the accepted offers in December 2011.  The active inventory dropped to a new low of 6,352 homes on the market. Both median and average sale prices showed double digit improvement.  Comparing 2012 to 2011 there were 32,300 new listings, 24,010 accepted offers, and 23,438 closed sales in 2012.  Compared to 2011 new listings were down 5.2%, pending sales were up 16.2% and closed sales are up 19.1%.  Prices are higher, total market time dropped and all in all the market is on the way up.

Comparing the pending sales with the previous 12 months change is as follows; Beaverton home pending sales are down 26.1%, Tigard pending sales are up 30.4%, Hillsboro / Forest Grove pending sales are up 1.8%, Lake Oswego pending sales are sown 3.6%, SE Portland pending sales are down 10.1%, NE Portland pending sales are down 1.4% and Gresham / Troutdale pending sales are down 17.2%.  Average total market time measured by days is as follows; Beaverton 92, Tigard 126, Hillsboro 109, Lake Oswego 157, SE Portland 109, NE Portland 74 and Gresham / Troutdale 118. Rates continue to stay low around 3.625%. We continue to see positive signs in the real estate market and the next few months look like the trend will continue.