Real estate activity in Portland continued to remain strong through February 2013 with 1,376 closed sales — the best February since 2008. Pending sales increased to 2,130 (11.8%) in February from January 2013. This represents the best February since 2007. February also provided 2,453 new listings, which is virtually the same as January’s 2,438 listings, and a 1.6% decrease from the prior year. Active inventory remains at historic lows with unsold inventory at just 4.5 months. Time on Market time at just 116 days, almost the same as January, at 114 days.
Average and Median Sale Prices in February were $282,000 and $242,000, respectively. With prices continuing to rise in Portland Metro, the average price of homes in the twelve months ending February 28th was $278,600. Compared against the year prior, the average price of homes sold in the twelve months ending February 2012 at $263,300 reveals an increase of 5.8%. Similarly , the median has increased 8.5% to $238,500 in the last twelve months from $219,900 in the preceding twelve months.