December ‘09 – Residential Market Highlights

Sales activity in the Portland metro area showed marked improvement this December compared to the same month a year ago.

Closed sales were up 52.6% compared to December 2008 and pending sales rose 40.9%. New listings also rose 11.9%.

On the other hand, compared to November 2009, closed sales fell 16.1% (1,506 v. 1,795). Pending sales dropped 14.1% (1,141 v. 1,328). New listings fell 15.8% (2,104 v. 2,499).

At the month’s rate of sales, it would take approximately 7.7 months to sell the 11,597 active residential listings.

2009 Summary

Comparing activity from 2009 with that of 2008, pending sales increased 4%. Closed sales were 0.9% short of the 2008 total. New listings fell 18.8%.

Total sales volume for 2009 was $5.5 billion, down from $6.3 billion in 2008, and $9.7 billion in 2007.

Sale Prices

The average sale price for December 2009 was down 2.5% compared to December 2008, while the median sale price declined 4.2%.

Compared to November 2009, the average price rose 7.3% ($293,300 v. $273,300) and the median grew 1.3% ($242,200 v. $239,000).

For the year, the average sale price dropped 12.2% compared to 2008. The median price fell 11.2%.

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…

November ‘09 – Residential Market Highlights

In the Portland metro area this November, sales activity increased compared to the same month in 2008.

Closed sales were up 72.4% compared to November 2008 and pending sales rose 19.9%.  New listings dropped 7%.

The 72.4% same-month increase in closed sales is the largest percentage increase on record for the area. The previous high was 56.9% in December 1996.

On the other hand, compared to October 2009, closed sales decreased 10.7% (1,795 v. 2,009) and pending sales dropped 36.1% (1,328 v. 2,079). New listings also fell 27.4% (2,449 v. 3,443).

At the month’s rate of sales, it would take approximately 7.1 months to sell the 12,697 active residential listings.

Year-To-Date

Comparing January-November 2009 with the same period in 2008, pending sales were up 2.6%. Closed sales were behind last year’s total by 4.1%. New listings decreased 19.9%.

Sale Prices

The average sale price for November 2009 was down 11.4% compared to November 2008, while the median sale price declined 9.8%.

Month-to-month, the average and median sale price were down when compared with October levels; the average sale price was down 3.6% ($ 273, 300 v. $283,500) and the median sale price decreased 2.5% ($239,000 v. $245,000).

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…

October ‘09 – Residential Market Highlights

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).

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…

September ‘09 – Residential Market Highlights

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).

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…

August ‘09 – Residential Market Highlights

In August, sales activity in the Portland metro area continued to outpace last year’s same-month sales totals.

Pending sales were up 13% and closed sales rose 4% compared to August 2008. However, new listings fell 14.1%.

On the other hand, closed sales dropped 7.4% (1,841 v. 1,988) compared to last month (July 2009). Pending sales fell 0.7% (2,156 v. 2,170). New listings dropped 3.3% (3,780 v. 3,907). At the month’s rate of sales, it would take approximately 7.8 months to sell the 14,295 active residential listings, up from 7.3 months in  July 2009.

This was the first rise in inventory after six months of decline. However, inventory is still 21.2% below the August 2008 level of 9.9 months.

Year to Date

Comparing January-August 2009 with the same period in 2008, closed sales are down 15.6% and pending sales decreased 7.2%. New listings also dropped 22.4%.

Sale Prices

The average sale price for August 2009 was down 10.6% compared to August 2008, while the median sale price declined 10.8%.

Month-to-month, the average and median sale price were mixed when compared with July levels; the average sale price was up 2.7% ($296,300 v. $288,600) and the median sale price was down 0.04% ($249,900 v. $250,000).

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…

July ‘09 – Residential Market Highlights

Closed sales in the Portland metro area for July 2009 eclipsed last July’s total by 8.6%, marking the first time same month closed sales have increased since April 2007. Pending sales also grew 8.3%. New listings dropped 25.4%.

Comparing July 2009 with June 2009, closed sales increased 11.9% (1,988 v. 1,776) and pending sales were up a slight 0.3% (2,170 v. 2,164). New listings fell 8.2% (3,907 v. 4,257).

Inventory was down to 7.3 months, dropping for the sixth consecutive month, down from 10 months last July.

Inventory is falling at a time where it has historically risen. Along with an upswing in closed sales, the drop can be attributed to the fact that the number of homes on the market (14,503 in July) has seen little fluctuation in 2009.

Year to Date

Comparing January-July 2009 with the same period in 2008, closed sales are down 18.7% and pending sales decreased 10%. New listings dropped 23.4%.

Sale Prices

The average sale price for June 2009 was down 14% compared to June 2008, while the median sale price also dropped 13.5%.

Month-to-month, the average and median sale price were mixed when compared with June levels; the average sale price was down 3.7% ($288,600 v. $299,800) and the median sale price was up 0.04% ($250,000 v. $249,900).

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…

June ‘09 – Residential Market Highlights

This June, same-month pending sales were up for the first time since December 2006 in the Portland metro area, and inventory reached its lowest point since August 2007. 

Comparing June 2009 with the same month in 2008, pending sales were up 8.4%, while closed sales decreased 5.4%. New listings also dropped 18.3%.
 
Further, comparing June 2009 with May 2009, closed sales increased 24.5% (1,776 v. 1,427) and pending sales were up 10% (2,164 v. 1,967). New listings also rose 9.7% (4,257 v. 3,879).

Inventory fell to 8.2 months, dropping for the fifth consecutive month and reaching it’s lowest point since August 2007. Active listings typically rise at this time of year, but were virtually unchanged since May (14,491 v. 14,493). Conversely, actives increased 10.1% from May to June in 2007, and 4.2% in 2008.

Second Quarter Report

Comparing the second quarter of 2009 (April-June) with that of 2008, closed sales fell 15.3% (4,625 v. 5,461) and pending sales dropped 3.2% (5,784 v. 5,972). New listings decreased 23.8% (12,165 v. 15,973).

Sale Prices

The average sale price for June 2009 was down 14% compared to June 2008, while the median sale price also dropped 13.5%.

Month-to-month, the average and median sale price were mixed when compared with May levels; the average sale price was up 2.9% ($299,800 v.$291,400) and the median sale price was down 0.04% ($249,900 v. $250,000).

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…

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).

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…

April ‘09 – Residential Market Highlights

While sales activity continued a steady month-over-month increase in the Portland metro area, it still fell short of 2008’s same month marks for April.

Comparing April 2009 with the same month in 2008, pending sales were down 10.1% and closed sales decreased 17.7%. New listings also dropped 28.1%. On the other hand, comparing April 2009 with March 2009, pending sales grew 13.6% (1,860 v. 1,637).  Closed sales also rose 10% (1,302 v. 1,184).  New listings increased 3.3% (3,808 v. 3,685).

Pending sales continue to rise month-over-month at a steeper than usual rate (13.6% in 2009 vs. 6.8% in 2008 and -2.3% in 2007).  Inventory also dropped to 11 months and this is the first time it has dropped from March to April since 2004. Active residential listings in April numbered 14,328 – up from 14,158 in March.

Sale Prices

The average sale price for April 2009 was down 10.4% compared to April 2008, while the median sale price dropped 9.1%. 

Month-to-month, the average sale price and median sale price were mixed when compared with March levels; the average sale price decreased 2% ($291,100 v. $297,000) and the median sale price was up 1.4% ($249,900 v. $246,400) 

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…

March ‘09 – Residential Market Highlights

Portland metro area market activity continued to grow over last month, but fell short of reaching March 2008 levels.

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…

Next Page »