August ‘09 – Residential Market Highlights
Filed Under 2009, Residential Statistics · Tagged: Market Data - August 2009, Residential Statistics
In August, sales activity in the Portland metro area continued to outpace last year’s same-month sales totals.
Pending sales were up 13% and closed sales rose 4% compared to August 2008. However, new listings fell 14.1%.
On the other hand, closed sales dropped 7.4% (1,841 v. 1,988) compared to last month (July 2009). Pending sales fell 0.7% (2,156 v. 2,170). New listings dropped 3.3% (3,780 v. 3,907). At the month’s rate of sales, it would take approximately 7.8 months to sell the 14,295 active residential listings, up from 7.3 months in July 2009.
This was the first rise in inventory after six months of decline. However, inventory is still 21.2% below the August 2008 level of 9.9 months.
Year to Date
Comparing January-August 2009 with the same period in 2008, closed sales are down 15.6% and pending sales decreased 7.2%. New listings also dropped 22.4%.
Sale Prices
The average sale price for August 2009 was down 10.6% compared to August 2008, while the median sale price declined 10.8%.
Month-to-month, the average and median sale price were mixed when compared with July levels; the average sale price was up 2.7% ($296,300 v. $288,600) and the median sale price was down 0.04% ($249,900 v. $250,000).
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Regional Comparsion Chart |
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| City |
Portland |
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| Region | N | NE | SE | W |
| RMLS Area | 141 | 142 | 143 | 148 |
|
August |
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| Active Listings | 509 | 1,060 | 1,451 | 1,888 |
| New Listings | 180 | 382 | 489 | 420 |
| Expired/Canceled Listings | 81 | 183 | 271 | 271 |
| Pending Sales 2009 | 114 | 221 | 291 | 189 |
| Pending Sales 2009 vs. 2008 | 35.7% | 18.8% | 8.6% | -8.7% |
| Closed Sales | 103 | 173 | 268 | 171 |
| Average Sale Price ($) | 240,800 | 278,100 | 239,900 | 413,200 |
| Total Market Time | 90 | 76 | 100 | 179 |
|
Year-To-Date |
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| New Listings | 1,404 | 3,012 | 4,026 | 3,813 |
| Pending Sales 2009 | 680 | 1,392 | 1,917 | 1,338 |
| Pending Sales 2009 vs. 2008 | -12.1% | -8.7% | -5.8% | -20.4% |
| Closed Sales | 573 | 1,190 | 1,637 | 1,139 |
| Average Sale Price ($) | 235,700 | 290,800 | 244,000 | 426,400 |
| Median Sale Price | 230,000 | 255,000 | 217,000 | 353,000 |
| Average Sale Price % Change | -10.4% | -8.5% | -10.6% | -10.9% |
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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