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 lower than the 8.6 mark in September 2007.
Third Quarter 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).
NORTH PORTLAND ---- Previous Month's Average Sales Price: $244,300. Year-to-Date Average Sales Price & Appreciation: $236,900, -11.0%.
NORTHEAST PORTLAND ---- Previous Month's Average Sales Price: $276,800. Year-to-Date Average Sales Price & Appreciation: $288,700, -10.1%.
SOUTHEAST PORTLAND ---- Previous Month's Average Sales Price: $248,800. Year-to-Date Average Sales Price & Appreciation: $244,700, -10.6%.
WEST PORTLAND ---- Previous Month's Average Sales Price: $462,500. Year-to-Date Average Sales Price & Appreciation: $430,700, -11.3%.
BEAVERTON ---- Previous Month's Average Sales Price: $228,100 Year-to-Date Average Sales Price & Appreciation: $241,800, -9.7%.
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*The information above is from the monthly market action report produced by RMLS and used by permission of RMLS. This information is copyrighted by RMLS, All Rights Reserved.
About Tony & Libby Kelly, MBA, M.Ed.:
Thank you for reading our market condition reports. We enjoy writing these reports and we hope you find them informative. Please feel free to contact us if you have any questions regarding real estate. We would love the opportunity to help you sell or buy your next home! We are a multi-million dollar producing group currently ranked in the TOP 1% of REALTORS in Portland Metro! We specialize in providing a superior level of professional services combining today's technology with yesterday's hands-on personalized care. Look for us on HGTV's "HOUSE HUNTERS" on Oct. 18th, 19th and 20th 2007! You can also listen to our monthly PODCAST at www.TonyandLibby.com or read our BLOG at www.TonyandLibby.blogspot.com.
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
