Portland RMLS Market Action Report – June 2012

The Regional Multiple Listing Service released the Market Action Report this week and the median sale price for June 2012 was $242,000; this is an 8.6% increase from the median sale price for June 2011.

The Portland residential real estate market peaked in August 2007 with a median sale price of $302,000. Prices fell 30% from that peak before bottoming in January 2012 with a median sale price of $207,500. Prices have risen 16.6% from the bottom.

Months of supply (total inventory/monthly sales) sits at 3.9 months compared to the 6.0 months of supply for the same month last year. A balanced market has about 7 months of supply.
The first graph compares the median and average sale price with the months of supply. Click on any graph for a sharper image.

 

The second graph shows the total supply of homes available for sale. This is simply a calculation of the months closed sales multiplied by the months of supply. There are currently 8,751 homes for sale; this is a decrease of 25.5% from the same month the year before.

 

The third chart shows closed sales by month. There were 2,244 closed sales during the month; an increase of 14.6% from the same month the year before.

The fourth chart shows new listings by month. There were 3,208 new listings during the month; an increase of 2.1% from the same month the year before.

 

The final graph shows how affordable the median priced home is for a family of four. History indicates the ratio is usually between 2.5 and 3.0. Prices would have to fall 10.74% from the current median for the ratio to reach 3.0.