There were more Portland homes on the market in July and they were selling faster, according to data from the Regional Multiple Listings Service.Rising prices finally have induced Portland area homeowners to list their properties.
For the first time in recent memory, the number of homes going up for sale turned positive, according to figures today from the Regional Multiple Listing Service.
The increase in new listings was matched by increases in pending sales, closed sales, the average sale price and the median sale price. Lack of inventory has crimped the market and helped drive prices up. The 7.5 percent increase in new listings relative to one year ago helped ease the tight market and bumped up the inventory of available homes to 4.6 months. That’s the amount of time it would take to sell the 9,041 homes on the market at July's sales pace.
The inventory was at the 3.9 month level in June. The market is considered “balanced” at six months.
RMLS reported a 23 percent increase in pending sales, a 15.4 percent increase in closed sales and faster selling times. It took 100 days on average to sell a home in July, 24.3 percent faster than a year ago. The average price was $287,000, up 4.3 percent compared to one year ago and one percent from June. The median price of $245,000 was 7.8 percent higher than one year ago.
Portland Business Journal by Wendy Culverwell, Wednesday, August 15, 2012