December ‘09 – Residential Market Highlights

Filed Under 2009, Residential Statistics · Tagged: ,  

Sales activity in the Portland metro area showed marked improvement this December compared to the same month a year ago.

Closed sales were up 52.6% compared to December 2008 and pending sales rose 40.9%. New listings also rose 11.9%.

On the other hand, compared to November 2009, closed sales fell 16.1% (1,506 v. 1,795). Pending sales dropped 14.1% (1,141 v. 1,328). New listings fell 15.8% (2,104 v. 2,499).

At the month’s rate of sales, it would take approximately 7.7 months to sell the 11,597 active residential listings.

2009 Summary

Comparing activity from 2009 with that of 2008, pending sales increased 4%. Closed sales were 0.9% short of the 2008 total. New listings fell 18.8%.

Total sales volume for 2009 was $5.5 billion, down from $6.3 billion in 2008, and $9.7 billion in 2007.

Sale Prices

The average sale price for December 2009 was down 2.5% compared to December 2008, while the median sale price declined 4.2%.

Compared to November 2009, the average price rose 7.3% ($293,300 v. $273,300) and the median grew 1.3% ($242,200 v. $239,000).

For the year, the average sale price dropped 12.2% compared to 2008. The median price fell 11.2%.

Regional Comparsion Chart
City

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

November
Active Listings 406 845 1,188 1,446
New Listings 89 183 243 220
Expired/Canceled Listings 121 290 335 478
Pending Sales 2009 44 107 154 116
Pending Sales 2009 vs. 2008 37.5% 23.0% 28.3% 31.8%
Closed Sales 63 130 207 185
Average Sale Price ($) 236,000 294,500 237,200 402,300
Total Market Time 101 118 104 175

Year-To-Date
New Listings 1,993 4,202 5,601 5,195
Pending Sales 2009 964 2,054 2,825 1,993
Pending Sales 2009 vs. 2008 -0.8% 3.8% 6.8% -8.8%
Closed Sales 927 1,974 2,699 1,898
Average Sale Price ($) 236,000 287,100 240,900 420,500
Median Sale Price 230,000 253,000 215,000 347,600
Average Sale Price % Change -11.3% -10.2% -12.7% -12.0%

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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January 16, 2010 by gibbons1 ·