February ‘09 – Residential Market Highlights

Filed Under 2009, Residential Statistics · Tagged: ,  

The Portland metro area market improved in February compared to a record low January, but remains slow compared with February 2008.

Comparing February 2009 with the same month in 2008, closed sales dropped 38.1%. Pending sales also fell 30.5%. New listings decreased 19.7%.

On the other hand, when comparing February 2009 with January 2009, closed sales grew 17.1% (857 v. 732) and pending sales were up 3.3% (1,276 v. 1,235). New listings, on the other hand, dropped17.3% (3,471 v. 4,196).

At the month’s rate of sales, the 14,188 active residential listings would last approximately 16.6 months, down from a record 19.2 months in January.

Sale Prices

The average sale price for February 2009 was down 12.9% compared to February 2008, while the median sale price dropped 7.5%.

Month-to-month, the average sale price and median sale price are both up when compared with January levels; the average sale price increased a slight 0.4% ($298,500 v. $297,200) and the median sale price was up 3.6% ($259,000 v. $250,000).

Year-to-Date

Comparing January-February – 2009 with the same period in 2008, closed sales dropped 35.8%. Pending sales also fell 29.1%. New listings decreased 17.2%.

Regional Comparsion Chart
City

Portland
Region N NE SE W
RMLS Area 141 142 143 148

February
Active Listings 510 1,012 1,610 1,829
New Listings 166 338 426 451
Expired/Canceled Listings 86 234 286 254
Pending Sales 2009 62 132 174 107
Pending Sales 2009 vs. 2008 -38.6% -23.7% -26% -42.5%
Closed Sales 41 95 123 84
Average Sale Price ($) 257,200 296,600 253,600 402,800
Total Market Time 88 129 142 208

Year-To-Date
New Listings 331 701 935 936
Pending Sales 2009 113 260 354 212
Pending Sales 2009 vs. 2008 11.9% 50.3% 50.6% 14%
Closed Sales 64 183 248 156
Average Sale Price ($) 248,300 299,800 238,800 428,200
Median Sale Price 237,500 260,200 211,000 339,300
Average Sale Price % Change -1.2% -1.2% -5.9% -1.3%

Data courtesy of RMLS.

Additional ‘Regional Comparison” data is available for other Portland Metro areas, please feel free to give me a call at 503.467.9997 or send an email.

ARE YOU IN THE KNOW?

 Subscribe to Ask a Portland REALTOR…

March 23, 2009 by gibbons1 : 1 Comment

Comments

One Response to “February ‘09 – Residential Market Highlights”

  1. Residential Market Action - Portland, OR - March 2009 | PropertyExplorerPDX on February 22nd, 2010 5:49 pm

    [...] comparing March 2009 with February 2009, closed sales grew 38.2% (1,184 v. 857) and pending sales were up 28.3% (1,637 v. 1,276). New [...]

Feel free to leave a comment...
and oh, if you want a pic to show with your comment, go get a gravatar!