July ‘09 – Residential Market Highlights
Filed Under 2009, Residential Statistics · Tagged: Market Data - July 2009, Residential Statistics
Closed sales in the Portland metro area for July 2009 eclipsed last July’s total by 8.6%, marking the first time same month closed sales have increased since April 2007. Pending sales also grew 8.3%. New listings dropped 25.4%.
Comparing July 2009 with June 2009, closed sales increased 11.9% (1,988 v. 1,776) and pending sales were up a slight 0.3% (2,170 v. 2,164). New listings fell 8.2% (3,907 v. 4,257).
Inventory was down to 7.3 months, dropping for the sixth consecutive month, down from 10 months last July.
Inventory is falling at a time where it has historically risen. Along with an upswing in closed sales, the drop can be attributed to the fact that the number of homes on the market (14,503 in July) has seen little fluctuation in 2009.
Year to Date
Comparing January-July 2009 with the same period in 2008, closed sales are down 18.7% and pending sales decreased 10%. New listings dropped 23.4%.
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 June levels; the average sale price was down 3.7% ($288,600 v. $299,800) and the median sale price was up 0.04% ($250,000 v. $249,900).
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Regional Comparsion Chart |
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| City |
Portland |
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| Region | N | NE | SE | W |
| RMLS Area | 141 | 142 | 143 | 148 |
|
June |
||||
| Active Listings | 516 | 1,050 | 1,466 | 1,953 |
| New Listings | 165 | 338 | 542 | 474 |
| Expired/Canceled Listings | 82 | 158 | 302 | 265 |
| Pending Sales 2009 | 99 | 203 | 315 | 201 |
| Pending Sales 2009 vs. 2008 | 8.8% | 3.0% | 25.5% | -5.6% |
| Closed Sales | 102 | 205 | 284 | 199 |
| Average Sale Price ($) | 237,500 | 280,500 | 237,900 | 413,900 |
| Total Market Time | 114 | 107 | 118 | 148 |
|
Year-To-Date |
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| New Listings | 1,217 | 2,607 | 3,509 | 3,366 |
| Pending Sales 2009 | 572 | 1,178 | 1,649 | 1,153 |
| Pending Sales 2009 vs. 2008 | -17.1% | -12.7% | -7.4% | -22.7% |
| Closed Sales | 467 | 1,003 | 1,348 | 962 |
| Average Sale Price ($) | 234,900 | 293,100 | 244,600 | 428,700 |
| Median Sale Price | 230,000 | 255,000 | 219,000 | 355,000 |
| Average Sale Price % Change | -9.2% | -7.5% | -9.6% | -9.0% |
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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