September ‘09 – Residential Market Highlights

Filed Under 2009, Residential Statistics · Tagged: ,  

Sales activity in the Portland metro area continued to show improvement over same-month sales from a year ago.

Pending sales were up 34.1% and closed sales rose 9.8% compared to September 2008. New listings fell 14.3%.

Compared to August 2009, pending sales increased 6% (2,286 v. 2,156), but closed sales dropped 2.2% (1,800 v. 1,841). New listings also fell 4.8% (3,599 v. 3,780).

At the month’s rate of sales, it would take approximately 7.6 months to sell the 13,667 active residential listings, down from 10.4 months last September and lowerthan the 8.6 mark in September 2007.

Third Quater Report

Comparing the third quarter of 2009 with the same period in 2008, pending sales were up 17.5% (6,428 v. 5,471) and closed sales rose 6.5% (5,762 v. 5,409). Closed sales reached the highest mark since Q3 of 2007. New listings dropped 18.7% (11,448 v. 14,089).

Sale Prices

The average sale price for September 2009 was down 8% compared to September 2008, while the median sale price declined 9.6%.

Month-to-month, the average and median sale price were down when compared with August levels; the average sale price was down 2.1% ($290,100 v. $296,300) and the median sale price fell 3.4% ($241,400 v. $249,900).

Regional Comparsion Chart
City

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

September
Active Listings 455 1,016 1,396 1,832
New Listings 180 396 458 411
Expired/Canceled Listings 161 211 228 304
Pending Sales 2009 102 260 337 214
Pending Sales 2009 vs. 2008 39.% 81.8% 42.2% -1.4%
Closed Sales 75 185 228 175
Average Sale Price ($)  244,300  276,800  248,800  462,500
Total Market Time 89 84 104 175

Year-To-Date
New Listings 1,598 3,424 4,505 4,250
Pending Sales 2009 777 1,638 2,224 1,528
Pending Sales 2009 vs. 2008 -7.3% -1.4% -0.9% -18.3%
Closed Sales 652 1,378 1,875 1,328
Average Sale Price ($) 236,900 288,700 244,700 430,700
Median Sale Price 230,000 255,000 218,000 354,500
Average Sale Price % Change -11.0% -10.1% -10.6% -11.3%

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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October 15, 2009 by gibbons1 ·