For anyone who has been watching (or participating in) the market in recent weeks, it will be no surprise that inventory is at an all-time low: Just 1.8 months (or approximately 55 days). Remember that a well-balanced market contains about six months of inventory. To call this market a sellers’ market is a colossal understatement. If ever there were a time to list your home in a strong market for sellers, the time is undeniably now.
April saw 3,949 new listings come onto the market throughout the metro area, while 3,613 listings went pending and 2,734 listings sold. By the month’s end, there were just 4,853 active listings to choose among in the metro area. Total days on the market dropped significantly to 61 days, compared to 75 days in the previous month. I have no doubt that many of you live in neighborhoods where listings sold in less than a week, if not in a matter of hours.
April 2015 Residential Single Family Real Estate Data*:
|
Active Listings |
New Listings |
Expired Listings |
Pending Sales |
Closed Sales |
Average Sales Price |
Total Market Time |
|
| N Portland |
136 |
173 |
21 |
163 |
127 |
$329,400 |
31 |
| NE Portland |
264 |
334 |
40 |
326 |
262 |
$377,300 |
42 |
| SE Portland |
388 |
413 |
48 |
424 |
302 |
$317,500 |
51 |
| W Portland |
517 |
445 |
66 |
372 |
329 |
$488,600 |
58 |
*Source: RMLS Market Action Report (April 2015)
I look forward to providing an update next month to show what has been happening locally in the month of May. Spoiler alert: it is a bustling, energetic month.