Previous Month's Average Sales Price: $259,000. Year-to-Date Average Sales Price & Appreciation: $278,000, -8.7%.
December Residential Highlights
Sales activity in the Portland metro area continued to show improvement in closed and pending sales when comparing this December to the same month a year ago. Closed sales experienced a 10.3% increase, while pending sales saw growth of 19.3%. However, there were 11.7% less newly listed residential properties. Month-to-month, closed sales rose 6% (1,521 v. 1,612) when compared to November 2011, pending sales fell 14.4% (1,685 v. 1,443) and new listings dropped 16.1% (2,026 v. 1700). At the month's rate of sales, it would take approximately 5.3 months to sell the 8,612 active residential listings. Due to the drop of active listings in December, along with the rise in closed sales, low inventory resulted.
2011 Summary
Comparing activity from 2010 with that of 2011, closed sales rose 4% and pending sales rose 6%. New listings fell 25.4%. Total sales volume for 2011 was about $5.2 billion, down from $5.3 billion in 2010, and $5.5 billion in 2009.
Sale Prices
The average sale price for December 2011 was down 6.2% compared to December 2010, while the median declined 5.8%. Compared to November 2011, the average price rose 0.5% ($259,400 v. $260,800) and the median fell 3.7% ($225,000 v. $216,600). For the year, the average sale price dropped 6.7% compared to 2010. The median price fell 7.9%.
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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.
