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Portland Real Estate Report The Portland Real Estate Market is improving! Below please find a recent report from RMLS.
Residential Review:
Metro Portland, Oregon June 2009 Reporting Period
June Residential 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%. See residential highlights table below.
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 (see
Active Residential Listings graph on page 3).
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%. See residential highlights table below.
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).
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