June ‘09 – Residential Market Highlights

Filed Under 2009, Residential Statistics · Tagged: ,  

This June, same-month pending sales were up for the first time since December 2006 in the Portland metro area, and inventory reached its lowest point since August 2007. 

Comparing June 2009 with the same month in 2008, pending sales were up 8.4%, while closed sales decreased 5.4%. New listings also dropped 18.3%.
 
Further, comparing June 2009 with May 2009, closed sales increased 24.5% (1,776 v. 1,427) and pending sales were up 10% (2,164 v. 1,967). New listings also rose 9.7% (4,257 v. 3,879).

Inventory fell to 8.2 months, dropping for the fifth consecutive month and reaching it’s lowest point since August 2007. Active listings typically rise at this time of year, but were virtually unchanged since May (14,491 v. 14,493). Conversely, actives increased 10.1% from May to June in 2007, and 4.2% in 2008.

Second Quarter Report

Comparing the second quarter of 2009 (April-June) with that of 2008, closed sales fell 15.3% (4,625 v. 5,461) and pending sales dropped 3.2% (5,784 v. 5,972). New listings decreased 23.8% (12,165 v. 15,973).

Sale Prices

The average sale price for June 2009 was down 14% compared to June 2008, while the median sale price also dropped 13.5%.

Month-to-month, the average and median sale price were mixed when compared with May levels; the average sale price was up 2.9% ($299,800 v.$291,400) and the median sale price was down 0.04% ($249,900 v. $250,000).

Regional Comparsion Chart
City

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

June
Active Listings 534 1,055 1,462 1,869
New Listings 196 426 516 476
Expired/Canceled Listings 109 229 342 358
Pending Sales 2009 115 224 285 226
Pending Sales 2009 vs. 2008 27.8% 11.4% 3.6% -13.4%
Closed Sales 93 181 240 202
Average Sale Price ($) 237,000 299,800 261,300 421,200
Total Market Time 93 98 113 178

Year-To-Date
New Listings 1,044 2,248 2,942 2,869
Pending Sales 2009 477 987 1,353 973
Pending Sales 2009 vs. 2008 -21.0% -14.8% -12.8% -24.6%
Closed Sales 353 782 1,056 754
Average Sale Price ($) 233,900 295,900 246,400 433,700
Median Sale Price 230,000 258,500 219,900 355,000
Average Sale Price % Change -8.1% -7.3% -8.5% -5.4%

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…

July 16, 2009 by gibbons1 ·