PropertyExplorerPDX » Market Data – May 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 May ‘09 – Residential Market Highlights http://propertyexplorerpdx.com/2009/06/14/may-09-residential-market-highlights/ http://propertyexplorerpdx.com/2009/06/14/may-09-residential-market-highlights/#comments Sun, 14 Jun 2009 11:54:41 +0000 gibbons1 http://propertyexplorerpdx.com/2009/06/14/may-09-residential-market-highlights/ Sales activity in May for the Portland Metro area continued to march upward compared to the prior month, but lagged behind 2008 levels.

Comparing May 2009 with the same month in 2008, pending sales were down 7.4% and closed sales decreased 23.4%. New listings also dropped 25.1%.

On the other hand, comparing May 2009 with April 2009, pending sales grew 5.8% (1,967 v. 1,860). Closed sales also rose 9.6% (1,427 v.1,302). New listings increased 1.9% (3,879 v. 3,808). Inventory dropped to 10.2 months, down from 11 months in April – the fourth straight month of decline. Active residential listings in May roseto 14,493 – up from 14,328 in April. Active listings appear to be increasing at a slower rate than usual for this time of year.

Year to Date

Comparing January-May 2009 with the same period in 2008, closed sales were down 28.1% and pending sales decreased 17.5%. New listings also dropped 23.8%.

Sale Prices

The average sale price for May 2009 was down 13% compared to May 2008, while the median sale price also dropped 13%. Month-to-month, the average sale price and median sale price both posted small gains when compared with April levels; the average sale price was up 0.1% ($291,400 v.$291,100) and the median sale price was up 0.04% ($250,000 v. $249,900).

Regional Comparsion Chart
City

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

May
Active Listings 522 1052 1,504 1,895
New Listings 165 369 497 499
Expired/Canceled Listings 85 179 273 240
Pending Sales 2009 99 185 279 220
Pending Sales 2009 vs. 2008 -17.5% -15.1% -6.4% -2.7%
Closed Sales 59 145 197 161
Average Sale Price ($) 228,200 286,200 245,800 424,700
Total Market Time 120 96 110 165

Year-To-Date
New Listings 837 1,802 2,389 2,361
Pending Sales 2009 371 780 1,094 753
Pending Sales 2009 vs. 2008 -28.7% -19.7% -16.6% -27.7%
Closed Sales 257 589 801 546
Average Sale Price ($) 232,700 294,600 241,800 438,900
Median Sale Price 230,000 258,000 215,000 357,000
Average Sale Price % Change -6.4% -4.3% -7.7% -2.2%

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…
]]> http://propertyexplorerpdx.com/2009/06/14/may-09-residential-market-highlights/feed/ 0