The Portland metro area home market roared to life in June, according to the Regional Multiple Listings Service. Wow! That pretty much summarizes the state of the residential market in Metro Portland and Clark County in June. The month ended with one of the tightest markets since the recession began on both sides of the river.
In Portland, the 8,799 homes for sale was enough to meet current demand for only 3.9 months, the lowest level since March 2007, according to figures released Friday by the Regional Multiple Listing Service. The low level puts sellers in the driver’s seat and is leading to bidding wars across the region.
In Clark County, the 2,601 homes for sale translates into a 5.4-month inventory, the lowest since June 2006. Portland Business Journal subscribers can read more here about how bidding wars sometimes drive prices above the market value, jeopardizing deals and driving a wedge between residential brokers and appraisers.
The market improved on almost every front in June, from prices to sales volume. The average price of a Portland home rose 6.4 percent to $284,100 and the median price rose 8.6 percent to $242,000. There was a 21.7 percent jump in pending sales and 14.6 percent jump in closed deals. The average time on market dropped 14.5 percent to 114 days.
Portland Business Journal by Wendy Culverwell, Business Journal staff writer Date: Friday, July 13, 2012, 12:05pm PDT