PropertyExplorerPDX » Market Data – August 2009 http://propertyexplorerpdx.com Portland, OR Real Estate Sat, 16 Jan 2010 16:02:46 +0000 http://wordpress.org/?v=2.9.2 en hourly 1 August ‘09 – Residential Market Highlights http://propertyexplorerpdx.com/2009/10/15/august-%e2%80%9809-residential-market-highlights/ http://propertyexplorerpdx.com/2009/10/15/august-%e2%80%9809-residential-market-highlights/#comments Thu, 15 Oct 2009 10:56:42 +0000 gibbons1 http://propertyexplorerpdx.com/2009/10/15/august-%e2%80%9809-residential-market-highlights/ 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).

Regional Comparsion Chart
City

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

August
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
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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