Happy December! It is almost the New Year 2012!
We have one more month of market activity of December to come out and we can get a fuller picture of what has happened in the Portland Real Estate Market as a whole in 2011.
As for November though:
Inventory has dropped again to a low of 6.2 months. This is the 2nd lowest it has been in the past 3 years. What does this mean? Means that either less homes are being put on the market and/or more homes are selling. So which is it for November? Closed sales were up! We had an increase in closed sales from October to November by 3.2% and from year to year closed sales were up 18.9%. Leaving new listings on the market falling 16.7% month to month comparison (Oct ’11-Nov ’11.)
A decrease in inventory is typical historically speaking in the month of December so it won’t be surprising if we see another month of very low inventory in next months report. Inventory typically rises in January after the holiday season is gone and buyers and ready to get back out in the market for searching.
How about your area??
Some area specific stats:
Most New Listings on the market in November:
- SE Portland – 259
- West Portland – 187
- Beaverton/Aloha – 184
Most Active Listings on the market (in order):
- West Portland -1,084
- SE Portland – 891
- Milwaukie/Clackamas – 845
- Tigard/Wilsonville – 799
Fewest Listings on the market in November goes to North Portland with 336.
Most Closed in November:
- SE Portland – 205
- West Portland – 158
- Beaverton/Aloha & Tigard/ Wilsonville tied with – 152
Area with Shortest Market TIme:
- NE Portland – 108 days
- N Portland – 110 days
- SE Portland – 124 days
West Portland and SE Portland are seeing the most activity in the market. They have the most amount of listings coming on the market and the most selling. The good news is that all the Portland Metro areas have an increase in pending % from last year. Things are selling once they are on the market.
Average Sales Price % Change is showing a decrease this year from last. Ranging from – 3.3% (Lake Oswego ) to the highest at -11.6%( Beaverton/Aloha.) This% change is a comparison of the rolling average sales price for the last 12 months 12/1/10-11/30/11 with the 12 months before 12/1/09-11/30/10.
If you would like more information about what is going on specifically in your neighborhood, please email me at Rene@Windermere.com.
