June ‘09 – Residential Market Highlights
Filed Under 2009, Residential Statistics · Tagged: Market Data - June 2009, Residential Statistics
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. $250,000).
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Regional Comparsion Chart |
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| City |
Portland |
|||
| Region | N | NE | SE | W |
| RMLS Area | 141 | 142 | 143 | 148 |
|
June |
||||
| Active Listings | 534 | 1,055 | 1,462 | 1,869 |
| New Listings | 196 | 426 | 516 | 476 |
| Expired/Canceled Listings | 109 | 229 | 342 | 358 |
| Pending Sales 2009 | 115 | 224 | 285 | 226 |
| Pending Sales 2009 vs. 2008 | 27.8% | 11.4% | 3.6% | -13.4% |
| Closed Sales | 93 | 181 | 240 | 202 |
| Average Sale Price ($) | 237,000 | 299,800 | 261,300 | 421,200 |
| Total Market Time | 93 | 98 | 113 | 178 |
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Year-To-Date |
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| 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.
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