October ‘09 – Residential Market Highlights

gibbons1 — Sat, 14 Nov 2009 12:25:16 +0000

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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PropertyExplorerPDX » Market Data – October 2009

October ‘09 – Residential Market Highlights

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