April Residential Highlights

Comparing Aril 2012 with April 2011 shows improvement in both pending and closed sales, which were also up compared to the previous month. There were 2,365 accepted offers, 18.0% more than  the 2,005 reported in
April 2011 and 4.1% more than the 2,272 in the previous month. In fact, with the exception of March and April of 2010 which were impacted by deadlines for the First-Time Homebuyer Tax Credit, the number of pending sales is higher than any month since August 2007. The 1,822 closed sales represent a 13.1% increase over the same month last year, when 1,611 were recorded, and 7.6% more than the 1,694 sales in March.

New listings this April (3,038) were down slightly compared to April last year (3,099), but rose 5.3% compared to March (2,886).  The unsold inventory is the lowest it has been since June 2007. It would take only 4.7 months to sell the 8,523 active listings at the April rate of sales.

Year-to-Date

Comparing the first four months of 2012 with the same period in 2011 shows closed sales increased   13.1% from 5,513 to 6,236.
Pending sales were up by 17.5% increasing from 6,806 to 8,000. New listings were down 9.7% at 12,378 versus 11,182. Total time on market decreased 18.3% from 161 to 132.

When comparing homes prices year-to-date this year and last, there is less than 1% difference in both median sales price and average sales price.

Information from RMLS

Joelle Lewis | RE/MAX Equity Group Lake Oswego

503-407-8586

joelle at pdxhomeseller dot com

This chart shows the number of Bank Owned and Short Sales in all areas of the RMLS™ system during the first quarter of 2012. To download or print the chart, click here.

Here are some additional facts about distressed residential properties in the first quarter of 2012:

All Areas when comparing percentage share of the market 1st quarter of 2011 to 1st quarter of 2012

• When comparing the first quarter of 2011 to 2012, distressed sales as a percentage of new listings decreased by 0.6% (29.5% v. 28.9%).
• In a comparison of the first quarter of 2011 with the same period in 2012, distressed sales as a percentage of closed sales decreased by 2.0% (40.9% v. 38.9%).
• Short Sales comprised 15.0% of new listings and 13.0% of sales in 2012, down 0.2% and up 2.7% from first quarter 2011, respectively.
• Bank Owned properties comprised 13.9% of new listings and 25.9% of sales in first quarter 2012, down 0.4% and up 4.7% from 1first quarter 2011, respectively.

Portland Metro when comparing percentage share of the market 1st quarter of 2011 to 1st quarter of 2012

• When comparing the first quarter of 2011 to 20112 distressed sales as a percentage of new listings decreased by 0.5% (31.5% v. 31.0%).
• In a comparison of the first quarter of 2011 with the same period in 2012, distressed sales as a percentage of closed sales decreased by 2.5% (41.7% v. 39.2%).
• Short Sales comprised 16.1% of new listings and was down 0.2% from 2011. However, the percentage of sales rose from 9.9%  in 2011 to 13.5%  in 2012, a 3.6% rise.
• Bank Owned properties comprised 14.9% of new listings and 25.7% of sales in first quarter 2012, down 0.3% and 6.1% from 2011, respectively.

Information provided by RMLS™

Joelle Lewis | RE/MAX Equity Group Lake Oswego

503-407-8586