Portland Metro Real Estate review from Bill Berger.
The average months of inventory showed a very modest increase in February as compared to January from an average of 3.2 to 3.3 months. This increase is due more to the drop in sales activity from February to January (943 v. 975) rather to an actual rise of homes on the market. (Note: Months of inventory is calculated by dividing the number of homes in inventory by the number of homes sold for the month). During the month of February 1.99% fewer homes were listed than in January (1,658 v. 1,691).
Year to date data comparing 2013 vs. 2012 thru February show a decrease of 3.1% in new listings (3,361 v. 3,470) and an increase in average sales price of 10.3% ($330,433 v. $299,565). A portion of the increase in sales price is due to the fact that a smaller percentage of homes sold are distressed properties which are typically priced 25% to 30% below that of non-distressed properties.
Bill has worked at The Hasson Company since 1995 and is dedicated to educating our agents on the market trends of the Portland Metropolitan area.