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Our local multiple listing service (RMLS) continued to report good new for our market in their April edition of “Market Action”.
Activity is still on the rise with an 18% increase in accepted offers and a 13% increase in the number of closed transactions comparing April of this year to last year.
The inventory in months decreased (once again) – this time from 5 months in March to 4.7 months in April. This is the lowest inventory of unsold homes we’ve had since June of 2007.
Comparing home prices (year-to-date) this year versus the first 4 months of last year, there is less than a 1% difference in both the average and median home prices.
RMLS is also reporting that there are 2 areas in the Portland Metro Area that are actually showing appreciation. North Portland is showing a very slight amount of appreciation and Lake Oswego – West Linn are doing better with 0.8% appreciation.
Read below for RMLS’s full report.
For more information on the home in this video, go to 8partridgeln.com.
April Residential Highlights
Comparing April 2012 with April 2011 shows improvement in both pending and closed sales, which were also up compared to the previous month. There were 2,365 accepted offers, 18.0% more than the 2,005 reported in April 2011 and 4.1% more than the 2,272 in the previous month.
In fact, with the exception of March and April of 2010 which were impacted by deadlines for the First-Time Homebuyer Tax Credit, the number of pending sales is higher than any month since August 2007. The 1,822 closed sales represent a 13.1% increase over the same month last year, when 1,611 were recorded, and 7.6% more than the 1,694 sales in March.
New listings this April (3,038) were down slightly compared to April last year (3,099), but rose 5.3% compared to March (2,886). The unsold inventory is the lowest it has been since June 2007. It would take only 4.7 months to sell the 8,523 active listings at the April rate of sales.
Comparing the first four months of 2012 with the same period in 2011 shows closed sales increased 13.1% from 5,513 to 6,236. Pending sales were up by 17.5% increasing from 6,806 to 8,000. New listings were down 9.7% at 12,378 versus 11,182. Total time on market decreased 18.3% from 161 to 132. When comparing homes prices year-to-date this year and last, there is less than 1% difference in both median sales price and average sales price.