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Portland’s residential real estate market ended 2012 on a high note, but sales activity could slow in the months ahead if inventory levels continue to diminish.

The Portland-metro area had 1,760 closed sales last month 鈥� a 1 percent increase from November 2012, but a 9.2 percent increase over December 2011, according to a Regional Multiple Listings Service report.

However, pending sales last month were at 1,384 鈥� 20 percent below November 2012 and 4.1 percent below December 2011.

The metro area gained just 1,286 new listings last month 鈥� 24.4 percent lower than December 2011. That brought the active inventory of homes on the market to 6,352 鈥� a supply of 3.6 months and the lowest point on record since August 2006.

鈥淏ig picture is we’ve got 5 percent less listings this year over last and 20 percent more sales,鈥� said Nick Krautter, a Portland-area broker at Keller Williams Realty. 鈥淭here is less coming on the market and a whole lot more appetite for what is out there.鈥�

An inventory of six months represents a balanced market between buyers and sellers, and Krautter said the waning inventory is creating a seller’s market in Portland. In a separate report, Krautter broke out the inventory by neighborhood and identified numerous inner-city areas with inventories below two months.

He reported that the Overlook neighborhood in North Portland had the lowest inventory at 0.4 months. Other low-inventory neighborhoods were Irvington/Grant Park (1 month); Ladds/Hawthorne (1.1 month); Piedmont/Concordia (1.1 month); and Foster/Powell/Brentwood (1.1 month).

Median and average sales prices, meanwhile, increased last month. The median sales price was up 6.3 percent over 2011 at $235,000, while the average sales price was up 4.4 percent at $275,000.

Krautter said he wouldn’t be surprised to see the median home price increase 10 percent more by April, and he anticipates the Portland residential real estate market returning to peak performance within the next 18 to 24 months.

RMLS reported that the total dollar volume of sales activity in Portland improved from $1.25 billion to $6.45 billion in 2012.

As inventory decreases, prices tend to rise more sharply and Krautter said that will likely bring more sellers from the sidelines in coming months.

鈥淎s more and more sellers realize they can sell faster for more money, we’ll see more sellers get on the market,鈥� he said. 鈥淏ut buyer demand is so strong that inventory will stay pretty consistently where it’s at.

Year-to-date average sales prices in Portland’s neighborhoods and nearby communities were:

鈥� North Portland increased 3.4 percent to $229,900

鈥� Northeast Portland increased 8 percent to $288,000

鈥� Southeast Portland increased 7.4 percent to $230,800

鈥� Gresham/Troutdale decreased 0.4 percent to $194,800

鈥� Oregon City/Canby increased 4 percent to $249,400

鈥� Lake Oswego/West Linn increased 1.5 percent to $434,800

鈥� West Portland increased 7.2 percent to $412,300

鈥� Northwest Washington County decreased 0.4 percent to $356,200

鈥� Beaverton/Aloha increased 3.1 percent to $219,500

鈥� Tigard/Wilsonville increased 2.8 percent to $285,400

鈥� Hillsboro/Forest Grove increased 4.9 percent to $216,500

鈥� Mount Hood increased 4.4 percent to $200,400

鈥� Columbia Corridor increased 2.6 percent to $164,000

鈥� Yamhill County increased 8.3 percent to $214,800.