Residential Highlights

Prices Jump, market indicators are up, up, up. Low interest rates and unfettered demand pushed May Metro sales figures up 6.6% compared to May 2011.  The 2,098 homes sold in May were the most reported in any month since August 2007, according to the RMLS of Oregon.  That figure put May sales 15.1% ahead of April’s 1,822 home sales.  And wait, there’s more: pending sales jumped to 2,522 homes in May, which represents 16.4% more than the 2,167 reported in May 2011 and 6.6% more than the 2,365 in April of this year.

The only dark spot in a stellar month was unsold inventory, which, conforming to a worrisome 15-month trend, is the lowest it has been since March 2007. It would take only 4.2 months to sell the 8,742 active listings at May’s sales rate.

Inventory in Months, Portland Metro Area

2007 2008 2009 2010 2011 2012
January 6.2 12.9 19.2 12.6 11.3 7.0
February 5.2 10.4 16.6 12.9 10.9 6.5
March 3.8 9.1 12.0 7.8 7.1 5.0
April 4.4 10.3 11.0 7.3 7.2 4.7
May 4.5 9.2 10.2 7.0 6.8 4.2
June 5.0 9.5 8.2 7.3 6.0
July 5.7 10.0 7.3 10.8 7.0
August 6.2 9.9 7.8 11.0 6.2
September 8.6 10.4 7.6 10.5 6.7
October 8.4 11.1 6.5 10.7 6.8
November 8.3 15.0 7.1 10.2 6.2
December 8.5 14.1 7.7 7.9 5.3

Sales prices rebound. The May $234,500 median sales price rose 6.6% when comparing May 2012 with the same month in 2011.  The average sales price ($281,400) is also up 7.2% when comparing the current month to the same month in 2011 and 1.1% over the comparable period so far this year.