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 rose to 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).
NORTH PORTLAND ---- Previous Month's Average Sales Price: $228,200. Year-to-Date Average Sales Price & Appreciation: $232,700, -6.4%.
NORTHEAST PORTLAND ---- Previous Month's Average Sales Price: $286,200. Year-to-Date Average Sales Price & Appreciation: $294,600, -4.3%.
SOUTHEAST PORTLAND ---- Previous Month's Average Sales Price: $245,800. Year-to-Date Average Sales Price & Appreciation: $241,800, -7.7%.
WEST PORTLAND ---- Previous Month's Average Sales Price: $424,700. Year-to-Date Average Sales Price & Appreciation: $438,900, -2.2%.
BEAVERTON ---- Previous Month's Average Sales Price: $249,700 Year-to-Date Average Sales Price & Appreciation: $249,200, -7.6%.
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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.
