The latest RMLS Action report for the greater Portland Metro area shows unsold inventory continues to decline, reaching the lowest level since March 2007. It would take only 4.2 months to sell the current 8.742 active listings at the May rate of sales.
Last month, there were 2,522 accepted offers, 16.4% more than the 2, 167 reported in May of 2011 and 6.6% more than the previous month. This represents the highest number of pending sales in the month of May since 2007, when there were 3,054. Closed sales of 2,098 represent a 20.4% increase over the same month last year and 15.1% more than the number of sales in April.
The average sales price has also risen 7.2% when comparing May 2012 to the same month on 2011. Indications certainly point to the local real estate market moving in a positive direction.
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