Stats for June are in! The inventory of homes on the market for the month is DOWN from 11.1 in May to 7.9 in June for SW Washington. That compares to 12.6 a year ago and 6.8 two years ago!!! Portland is down 10.2 to 8.2, which compares to 9.5 a year ago and 5 two years ago.
The Inventory in Months statistic means that based on current trends, if no more homes went on the market, the current inventory would exhaust itself in 7.9 months. This supports my comment I made in my May 29 post, “… this waiting game can give a false illusion that there are more houses available than there really are. When the bank finally responds, the short sale homes will finally drop from the active list, but remember, the activity was generated months before.”
Market time in June dropped to to 153 from 167. That means if you put your house on the market, the average days on market before it sells is 153 days. YTD pending sales are up 6.2%.
The average sale price change is down 13.2 from a year ago. That means homes are selling for an average of 13.2% less than a year ago. Since this is an average, one might wonder what areas are doing better? Good question! The YTD average sale price with the least change reported in SW Washington is SE County (16.0%), Cascade Park (-0.4%) , Battle Ground (-9.5%), and West of I5 County (-5.2%). That means that home in these areas are selling for closer to the same price they sold a year ago.
These statistics are based on monthly figures reported by RMLS™ of which I am a member.