November ‘09 – Residential Market Highlights

Filed Under 2009, Residential Statistics · Tagged: ,  

In the Portland metro area this November, sales activity increased compared to the same month in 2008.

Closed sales were up 72.4% compared to November 2008 and pending sales rose 19.9%.  New listings dropped 7%.

The 72.4% same-month increase in closed sales is the largest percentage increase on record for the area. The previous high was 56.9% in December 1996.

On the other hand, compared to October 2009, closed sales decreased 10.7% (1,795 v. 2,009) and pending sales dropped 36.1% (1,328 v. 2,079). New listings also fell 27.4% (2,449 v. 3,443).

At the month’s rate of sales, it would take approximately 7.1 months to sell the 12,697 active residential listings.

Year-To-Date

Comparing January-November 2009 with the same period in 2008, pending sales were up 2.6%. Closed sales were behind last year’s total by 4.1%. New listings decreased 19.9%.

Sale Prices

The average sale price for November 2009 was down 11.4% compared to November 2008, while the median sale price declined 9.8%.

Month-to-month, the average and median sale price were down when compared with October levels; the average sale price was down 3.6% ($ 273, 300 v. $283,500) and the median sale price decreased 2.5% ($239,000 v. $245,000).

 

Regional Comparsion Chart
City

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

November
Active Listings 443 954 1,297 1,630
New Listings 137 229 318 251
Expired/Canceled Listings 73 142 231 235
Pending Sales 2009 46 122 189 156
Pending Sales 2009 vs. 2008 -22.0% 5.2% 19.6% 22.8%
Closed Sales 77 204 259 175
Average Sale Price ($) 241,100 271,300 227,400 382,400
Total Market Time 80 102 106 167

Year-To-Date
New Listings 1,899 4,001 5,331 4,968
Pending Sales 2009 924 1,958 2,681 1,890
Pending Sales 2009 vs. 2008 -2.0% 3.1% 5.4% -10.5%
Closed Sales 858 1,833 2,471 1,710
Average Sale Price ($) 235,600 286,600 241,500 422,700
Median Sale Price 230,000 253,000 215,000 347,100
Average Sale Price % Change -10.8% -10.6% -12.2% -12.6%

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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December 28, 2009 by gibbons1 ·