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Portland Metro Real Estate Inventory Continues to Drop: June 2011
June’s RMLS report shows that the Portland Metropolitan area is seeing a drop in the home inventory numbers. The RMLS calculates this number by dividing the current number of active home listings by the number of closed home sales for that month. June saw an inventory number of 6.0 months, the lowest since July of 2007. This drop in inventory should help stabilize the Portland Metro real estate prices in the future.
Other key figures from the June report include:
- Closed sales were down 11.8% in the 2nd quarter of 2011 vs. 2nd quarter of 2010
- Pending sales went up by 2.3% in the 2nd quarter of 2011 vs. 2nd quarter of 2010. This indicated an increase in the number of transactions that are falling apart before the closing date.
- The average sales price for the 2nd quarter fell 6.1% vs. 2010
- In June, homes sat on the market an avg. of 134 days before they were sold
Who We Are
Urban Pacific Real Estate was founded on the idea that real estate brokerage should come in a flexible and personal package, with brokers that are intimately invested in both the clients they serve, and city they inhabit.
The brokerage services a variety of urban real estate needs, including buyer representation and sales for both single family homes and condominiums, investment properties, and commercial leasing.
UPRE combines extensive professional networks, comprehensive city and cultural knowledge and a progressive marketing approach to best serve our clients, including an iPhone app and neighborhood search tool.