March Highlights
Portland’s real estate activity continues to blossom. Both accepted offers and closed sales earned “Best March since 2007” honors. The 2,628 pending sales were 15.7% over the 2,272 entered in March 2012 and 23.4% higher than February’s 2,130 offers. Closed sales reached 1,935, which topped March 2012 sales of 1,694 by 14.2% and February 2013 sales of 1,376 by 40.6%.
There were 3,002 new listings entered in March, which was 4.0% more than March last year and 22.4% more than February’s 2,453 listings.
The increase in new listings was not enough to reverse the trend in active inventory, which crept down slightly to 6,207 listings. It would take only 3.2 months to exhaust the active inventory at the March rate of sales. This is lower than in any
month since June 2006, when unsold inventory reached 2.6 months.
Activity in First Quarter 2013
The Portland Metro area real estate market is off to a good start in 2013. There were 6,466 accepted offers and 4,789 closed sales in first quarter 2013, both measures up 11.3%from5,809pendingsand4,303 closed sales in the same period last year.The7,963newlistingsthisyear lag 1.3% from the 8,070 entered in first quarter 2012.
Average and Median Sale Prices
The average price in the first quarter this year was $290,300, up 15.3% from first quarter 2012, when the average was $251,700. In the same comparison, the median increased 16.6% from $212,000 last year to $247,100 in the first quarter of 2013.