June ‘09 – Residential Market Highlights

gibbons1 — Thu, 16 Jul 2009 13:37:06 +0000

This June, same-month pending sales were up for the first time since December 2006 in the Portland metro area, and inventory reached its lowest point since August 2007.

Comparing June 2009 with the same month in 2008, pending sales were up 8.4%, while closed sales decreased 5.4%. New listings also dropped 18.3%.

Further, comparing June 2009 with May 2009, closed sales increased 24.5% (1,776 v. 1,427) and pending sales were up 10% (2,164 v. 1,967). New listings also rose 9.7% (4,257 v. 3,879).

Inventory fell to 8.2 months, dropping for the fifth consecutive month and reaching it’s lowest point since August 2007. Active listings typically rise at this time of year, but were virtually unchanged since May (14,491 v. 14,493). Conversely, actives increased 10.1% from May to June in 2007, and 4.2% in 2008.

Second Quarter Report

Comparing the second quarter of 2009 (April-June) with that of 2008, closed sales fell 15.3% (4,625 v. 5,461) and pending sales dropped 3.2% (5,784 v. 5,972). New listings decreased 23.8% (12,165 v. 15,973).

Sale Prices

The average sale price for June 2009 was down 14% compared to June 2008, while the median sale price also dropped 13.5%.

Month-to-month, the average and median sale price were mixed when compared with May levels; the average sale price was up 2.9% ($299,800 v.$291,400) 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
June
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.

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PropertyExplorerPDX » Market Data – June 2009

June ‘09 – Residential Market Highlights

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