No one in real estate will tell you it's an easy time in our industry right now, but there's no arguing with some positive trends showing in the Portland market when you look at the numbers. Inventory is one of the most important gauges, as the law of supply and demand has not overlooked the real estate market. June 2009 has us at 8.2 months, down for the fifth straight month from January's 19.2 months of inventory.
We're not seeing prices rise yet, in fact the average sales price is down from last year at this time by 14%. However, every month we get closer to the magical number of 6 months inventory where the balance is more equal between buyer's and sellers- will influence the price. Sales are up from last month 24.5% and listings are down- more depletion of the inventory may continue.
Looking at a few individual markets, SE Portland reigned last month in closed sales at 240, with an average of 113 DOM (Days on Market). Let's compare that to Hillsboro at 105 closed sales for May and 166 DOM. West Portland sales in general are down 13% from last year. This makes sense since the average price in W Portland is $421,200 compared to SE Portland at $261,300, with a large portion of the current sales with first time home buyers driving the market.
Could there be a "trickle up affect?" Complete Market Action June 2009.