The Portland real estate market jumped 50.4% in closed sales for March 2011 compared to February 2011. Pending sales also increased 26.5% over the same period. New listings grew from 2,883 to 3,056.
The average sale price this month declined 6.8% compared to March 2010. When comparing February & March of 2011, the average sale price increased from$244,500 to $261,100.
If you take a look at the first quarter of 2011 with the same period (Jan-Mar) in 2010, the data shows that new listings decreased 29.8% (9,172 v. 13,072). Closed sales decreased by 1.5% (3,834 v. 3,892) while pending sales went down by 11.9% (4,915 v. 5,576). The average sale price fell 9.2% ($252,800 v. $278,300), and the median sale price dropped 9.5% ($215,000 v. $237,500).
The biggest bright spot in the Portland real estate market is that March 2011 had a big decrease in inventory. Down from10.9 months of inventory last month, 11,458 active Portland homes for sale would last about 7.1 months, at March 2011′s rate of sales. The general thought is that six months is a good balance between a buyer’s and seller’s market.
To see how last months data looked, click here.
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Also posted on Portland Real Estate.