RMLS has released the latest Market Action report for the greater Portland Metro area. The news is mixed… comparing the third quarter of 2011 with that of 2010, closed sales were up by 21.5%, pending sales increased by 21.6% and new listings fell by 27.6%. Average sales price dropped from $271,800 to $268,200 (down 1.3%) while median sales price increased from $225,000 to $230,800 (up 2.6%). Inventory stands at 6.7 months, which is up slightly from August, but remains much lower than the numbers in 2009 and 2010. Six months of inventory is considered a balanced market. With interest rates around 4%, it’s a great time to buy property.
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