May ‘09 – Residential Market Highlights
Filed Under 2009, Residential Statistics · Tagged: Market Data - May 2009, Residential Statistics
Sales activity in May for the Portland Metro area continued to march upward compared to the prior month, but lagged behind 2008 levels.
Comparing May 2009 with the same month in 2008, pending sales were down 7.4% and closed sales decreased 23.4%. New listings also dropped 25.1%.
On the other hand, comparing May 2009 with April 2009, pending sales grew 5.8% (1,967 v. 1,860). Closed sales also rose 9.6% (1,427 v.1,302). New listings increased 1.9% (3,879 v. 3,808). Inventory dropped to 10.2 months, down from 11 months in April – the fourth straight month of decline. Active residential listings in May roseto 14,493 – up from 14,328 in April. Active listings appear to be increasing at a slower rate than usual for this time of year.
Year to Date
Comparing January-May 2009 with the same period in 2008, closed sales were down 28.1% and pending sales decreased 17.5%. New listings also dropped 23.8%.
Sale Prices
The average sale price for May 2009 was down 13% compared to May 2008, while the median sale price also dropped 13%. Month-to-month, the average sale price and median sale price both posted small gains when compared with April levels; the average sale price was up 0.1% ($291,400 v.$291,100) and the median sale price was up 0.04% ($250,000 v. $249,900).
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Regional Comparsion Chart |
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| City |
Portland |
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| Region | N | NE | SE | W |
| RMLS Area | 141 | 142 | 143 | 148 |
|
May |
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| Active Listings | 522 | 1052 | 1,504 | 1,895 |
| New Listings | 165 | 369 | 497 | 499 |
| Expired/Canceled Listings | 85 | 179 | 273 | 240 |
| Pending Sales 2009 | 99 | 185 | 279 | 220 |
| Pending Sales 2009 vs. 2008 | -17.5% | -15.1% | -6.4% | -2.7% |
| Closed Sales | 59 | 145 | 197 | 161 |
| Average Sale Price ($) | 228,200 | 286,200 | 245,800 | 424,700 |
| Total Market Time | 120 | 96 | 110 | 165 |
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Year-To-Date |
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| New Listings | 837 | 1,802 | 2,389 | 2,361 |
| Pending Sales 2009 | 371 | 780 | 1,094 | 753 |
| Pending Sales 2009 vs. 2008 | -28.7% | -19.7% | -16.6% | -27.7% |
| Closed Sales | 257 | 589 | 801 | 546 |
| Average Sale Price ($) | 232,700 | 294,600 | 241,800 | 438,900 |
| Median Sale Price | 230,000 | 258,000 | 215,000 | 357,000 |
| Average Sale Price % Change | -6.4% | -4.3% | -7.7% | -2.2% |
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.
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