When comparing March 2009 with February 2009, closed sales grew 38.2% (1,184 v. 857) and pending sales were up 28.3% (1,637 v. 1,276). New listings grew 6.2% (3,685 v. 3,471).

Pending sales typically rise from February to March, but this year it increased at a steeper rate (28.3% in 2009 – vs. 5.5% in 2008 and 8.3% in 2007).  Inventory also dropped to 12 months, its lowest point since October 2008. Active residential listings in March numbered 14,158 – down slightly from 14,188 in February.

This is notable, as active listings have typically grown over that same time frame (7% in 2008 and 6.6% in 2007). 

Sale Prices

The average sale price for March 2009 was down 11.8% compared to March 2008, while the median sale price dropped 14%.

Month-to-month, the average sale price and median sale price are both down when compared with February levels; the average sale price decreased a slight 0.5% ($297,000 v. $298,500) and the median sale price was down 4.9% ($246,400 v. $259,000).

Year-to-Date

Comparing January-March – 2009 with the same period in 2008, closed sales dropped 30.0%. Pending sales also fell 15.5%. New listings decreased 28.5%.

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…