The latest RMLS Market Action report for the greater Portland Metro area shows positive upward growth on all fronts when comparing June 2012 with June of last year.
There were 21.7% more accepted offers than at this time last year, and 14.6% more closed sales, with 2,244, which is the highest number since August of 2007.
The average price of a Portland home rose 6.4% to $284,100 and the median price rose 8.6% to $242,000. Median price is the price at which half of the homes are above that price quoted and half of the homes are below. The average time on market dropped 14.5% to 114 days.
The unsold inventory (the ratio of closed sales to active listings) continues to drop, and is now at 3.9 months, the lowest it has been since March of 2007. Given the current rate of sales, it would only take 3.9 months to sell the 8,799 listings currently available in the Portland Metro area. North and NE Portland have reached inventory levels of only 2.9 months, and SE Portland is down to 2.5 months. These low levels give sellers an advantage across the region, and have led to frequent bidding wars, especially for homes under $300,000.