October ‘09 – Residential Market Highlights

Filed Under 2009, Residential Statistics · Tagged: ,  

Sales activity in the Portland metro area continued an upward trend compared to same-month sales from a year ago.

Pending sales were up 64% compared to October 2009 and closed sales rose 37.1%. New listings dropped 4.5%.

The 64% jump in pending sales is the largest same-month increase since February 1996. The 2,009 closed sales this October was thehighest total since August 2007 and its 37.1% same-month increase is the largest since January 2005.

Compared to September 2009, closed sales increased 11.6% (2,009 v. 1,800), but pending sales dropped 9.1% (2,079 v. 2,286). New listings also fell 4.3% (3,443 v. 3,599).

At the month’s rate of sales, it would take approximately 6.5 months to sell the 13,101 active residential listings. This is the lowest mark for inventory since August 2007.

Year-To-Date

Comparing January-October 2009 with the same period in 2008, pending sales are up 1.8%. Closed sales are behind last year’s total by 8.8%. New listings are down 20.5%.

Sale Prices

The average sale price for October 2009 was down 12.6% compared to October 2008, while the median sale price declined 10.9%.

Month-to-month, the average and median sale price were mixed when compared with September levels; the average sale price was down 2.3% ($283,500 v. $290,100) and the median sale price increased 1.5% ($245,000 v. $241,400).

 

Regional Comparsion Chart
City

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

October
Active Listings 441 962 1,380 1,761
New Listings 154 316 467 431
Expired/Canceled Listings 87 190 272 285
Pending Sales 2009 111 228 323 223
Pending Sales 2009 vs. 2008 76.2% 59.4% 59.9% 85.8%
Closed Sales 112 228 298 197
Average Sale Price ($) 236,800 293,900 235,700 401,800
Total Market Time 84 97 105 146

Year-To-Date
New Listings 1,759 3,758 5,004 4,697
Pending Sales 2009 883 1,856 2,525 1,751
Pending Sales 2009 vs. 2008 -1.0% 3.7% 4.4% -11.9%
Closed Sales 776 1,613 2,189 1,533
Average Sale Price ($) 235,400 289,200 243,400 427,000
Median Sale Price 230,000 255,000 216,000 352,600
Average Sale Price % Change -12.0% -10.7% -11.6% -12.0%

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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November 14, 2009 by gibbons1 ·