Portland Real Estate Market Conditions April 2010
There are many signs that the Portland real estate market is slowly coming back. When we compare the numbers for April 2010 with the previous April, all indicators are up considerably.
April 2010 compared with April 2009
April 2010 had closed sales up 49.1% over April 2009. In addition, pending sales were up a huge 60.8%; new listings were up 23.8%. The average sales price went down 3.1% and the median sales price decreased 4%.
( We’ll have to see May 2010’s numbers to see how much of that increase was generated by the rush to qualify for the first time home buyer tax credit before 4/30/10.)
April 2010 compared with March 2010
In looking at April 2010 compared with the previous month, closed sales were up 7.9% and pending sales increased 24/5%. New listings were down 5.5%. the average sales price went up 0.6% over March figures; and the median sales price increased 0.5%.
Prices are still low. Interest rates haven’t crept up too much yet, although they are expected to rise over the coming months. If you qualify for a loan, this is an excellent time to buy.
Is it a buyers market or a seller’s market? See the chart below.
It’s all based on the number of months of inventory. How many months would it take to sell all the homes currently on the market if no new property came up for sale? Less than 4 months inventory is a sellers market; 4-6 months is a neutral market; and more than 6 months inventory is a buyers market. All information is courtesy of RMLS.
