As the summer draws to a close and we begin to reflect on the market this summer, some July statistics come to mind. We are REALLY hurting for houses to sell. July's inventory was at 1.7 months which means if we continue to sell properties at the current rate of sales, there are only enough properties to last 1.7 months!
July also showed us that prices continue to rise in 2015 compared to 2014. The median price this year to date (January-July 2015) rose to $304,900 this month. That is a 7% increase from the same period of time last year.
It is a clear sign that buyers are having to move quickly as agents closed 28.9% more sales this year over last year and the total market time in July fell to a quick 45 days- down 12 days from last year.
All of this goes to show that there are just not enough properties for sale in Portland and that buyers are having to jump in quickly to close the deal if they want to buy right now. We hope that with the change of the season comes more listings and a breath of fresh air for both buyers and sellers.
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