Housing Inventory the Lowest its Been Since 2005 and Closed Sales Nearly Double in March
Springtime often brings along an influx of real estate active and the numbers from last month show that this year is no different. In fact, closed sales almost doubled in numbers from February. Inventory also dropped from 3.0 months in February to 1.9 months in March. We haven’t seen inventory that low since September of 2005!
Here are some of the highlights from the latest report:
The number of new listings in March was 3,596, 16.4% more than the previous March.
We saw 3,384 pending sales, which was a 33.5% increase over February, as well as a 33.5% increase over the previous year. As mentioned above, 2,457 homes closed in March, a 49.1% increase over February and 32.3% over last March.
The total market time dropped down to 75 days and inventory was a low 1.9 months.
Some key points are:
Pending sales grew from 2,534 in February to 3,384 in the month of March. This makes it the highest March for accepted offers since 2006.
There are currently 4,767 active residential listings available in the Portland Metro area.
Average sales price just grew 2.8% over this February and last March. Similarly, Median sales price just grew 1.8% and 4.5% over the same time periods.
Thinking about selling your house? Now is a great time to do just that! Contact Urban Pacific