April ‘09 – Residential Market Highlights

Filed Under 2009, Residential Statistics · Tagged: ,  

While sales activity continued a steady month-over-month increase in the Portland metro area, it still fell short of 2008’s same month marks for April.

Comparing April 2009 with the same month in 2008, pending sales were down 10.1% and closed sales decreased 17.7%. New listings also dropped 28.1%. On the other hand, comparing April 2009 with March 2009, pending sales grew 13.6% (1,860 v. 1,637).  Closed sales also rose 10% (1,302 v. 1,184).  New listings increased 3.3% (3,808 v. 3,685).

Pending sales continue to rise month-over-month at a steeper than usual rate (13.6% in 2009 vs. 6.8% in 2008 and -2.3% in 2007).  Inventory also dropped to 11 months and this is the first time it has dropped from March to April since 2004. Active residential listings in April numbered 14,328 – up from 14,158 in March.

Sale Prices

The average sale price for April 2009 was down 10.4% compared to April 2008, while the median sale price dropped 9.1%. 

Month-to-month, the average sale price and median sale price were mixed when compared with March levels; the average sale price decreased 2% ($291,100 v. $297,000) and the median sale price was up 1.4% ($249,900 v. $246,400) 

Regional Comparsion Chart
City

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

April
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

Year-To-Date
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.

ARE YOU IN THE KNOW?

 Subscribe to Ask a Portland REALTOR…

May 14, 2009 by gibbons1 ·